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Gruh Finance, Bandhan Bank shares tumble up to 15 pc

Press Trust of India  |  New Delhi 

Shares of and Bank tumbled Tuesday, with the former plunging up to 15 per cent following announcement of merger plans.

The stock of after a weak opening further slumped 14.36 per cent to Rs 262.20 on BSE.

At NSE, shares of the company tanked 14.70 per cent to Rs 261.30.

Shares of Bank fell 6 per cent to Rs 470.85 on BSE.

At NSE, the scrip tumbled 5.43 per cent to hit the day's low at Rs 471.

"The boards of Bank and announced merger of the two entities wherein shareholders of the latter would receive 568 shares of the former for every 1,000 shares held. The deal values Gruh at Rs 209 billion which is at a 7 per cent discount to yesterday's market capitalisation," said in a report.

Bandhan Bank on Monday said it has agreed to acquire Gruh Finance through a share-swap deal.

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

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

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

First Published: Tue, January 08 2019. 12:40 IST