Sunday, September 24, 2017 | ePaper
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 Monday 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.