IndusInd Bank, Bharat Fin gain up to 5.5% on merger talks
Shares of IndusInd Bank and
Bharat Financial Inclusion Ltd (BFIL) surged up to 5.5 per
cent today as the two companies entered into an exclusivity
agreement to evaluate merger.
The scrip of IndusInd Bank soared 5.56 per cent to settle
at Rs 1,790.65 on BSE. During the day, it jumped 6.26 per cent
to touch its one year high of Rs 1,802.65.
Shares of Bharat Financial Inclusion rose by Rs 3.34 per
cent to end at Rs 967.25. Intra-day, it went up by 4.59 per
cent to Rs 979 -- its 52-week high.
"The company has entered into an exclusivity agreement
with IndusInd Bank for agreeing to have an exclusive
discussion with IndusInd Bank about the proposed potential
strategic combination by way of amalgamation through a scheme
of arrangement, or any other suitable structure," Bharat
Financial Inclusion said in a regulatory filing.
"The exclusivity agreement provides for a mutually agreed
exclusivity period for due diligence and discussions to
evaluate a potential strategic combination between the company
and BFIL," IndusInd Bank said.
Both the companies, however, did not elaborate on the
duration of the exclusivity period.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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