The shares of Bandhan Bank Ltd, based in Kolkata, surged 20 per cent amid reports that the lender will be added in the MSCI Index which effect from 16th October. This is due to Gruh Finance’s merger with Bandhan Bank, according to Motilal Oswal Financial Services. The merger has resulted in $ 180 million worth inflows, as per brokerage firm.
On BSE, Bandhan Bank gained 20 per cent to hit high of Rs 608.30, while Gruh Finance rose 20 per cent to Rs 327.30, in Intraday market. At 10.18 am, Bandhan Bank advanced 12.6 per cent to Rs 570.65, while Gruh was at Rs 302.05, up 10.7 per cent.
Recently, the National Company Law Tribunal (NCLT) had cleared the scheme of amalgamation between Ahmedabad based Gruh Finance and Kolkata based Bandhan Bank. The scheme was approved by NCLT’s Kolkata and Ahmedabad benches and 17th October was fixed for the record data Customs Enforcement (ICE)e of the effective merger.