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Bandhan Bank to acquire Gruh Finance in merger deal

Press Trust of India  |  New Delhi 

Bank on Monday said it has agreed to acquire housing firm Gruh through a share deal.

Gruh Finance, promoted by the country's largest mortgage firm HDFC Ltd, is into financing of affordable housing segment.

Under the merger cooperation agreement, shareholders of Gruh will get 568 shares of Bank for every 1,000 shares held.

The amalgamation will result in enhancement of shareholders' value accruing from synergy of operations, new products development, integration of technology and information, both the companies said in regulatory filings to stock exchanges.

It will help in pooling of resources, creating better synergies, optimal utilisation of resources and greater economies of scale, the filings said.

has a market capitalisation of Rs 59,800 crore, while is worth Rs 23,224 crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 07 2019. 19:26 IST