Bharat Financial shares gain over 4%; IndusInd Bank slips
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Inclusion Ltd (BFIL) today rose by over 4 per cent to touch a
one-year high as IndusInd Bank will acquire the country's
second largest microfinance player.
The scrip went up by 4.29 per cent to Rs 1,046.50 -- its
52-week high -- on BSE.
Shares of IndusInd Bank, however, fell by 2.85 per cent
to Rs 1,700.10.
IndusInd Bank on Saturday said it will acquire country's
second largest microfinance player Bharat Financial Inclusion
Ltd (BFIL) and the transaction is expected to be completed in
the next 10 months.
This would be the largest merger and acquisition in the
microfinance space.
Announcing the merger, IndusInd Bank Managing Director
Romesh Sobti said BFIL's shareholders will receive 639 shares
of IndusInd for every 1,000 shares of the microfinance major.
The merger will be effected through an all-stock
transaction of BFIL into IndusInd through a Composite Scheme
of Arrangement, he said.
Post merger, the new entity will have 4,000 branches and
outlets and 16 million customers.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
