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The Board of Bandhan Bank and Gruh Finance has, yesterday, approved the scheme of amalgamation of Gruh Finance into Bandhan Bank through a share swap deal.
Bandhan Bank in its regulatory filing said, “The Board of Directors of Bandhan Bank Limited, at their meeting held today (i.e., January 7, 2019) in HDFC House, after considering the report of the Audit Committee of Bandhan Bank Limited Company have considered and approved a scheme of amalgamation of GRUH Finance Limited Company.”
The bank also said that the scheme is subject to the receipt of approval from the Reserve Bank of India (RBI) along with Competition Commission of India, National Company Law Tribunal, Securities and Exchange Board of India, BSE Limited, the National Stock Exchange of India Limited.
According to the statement, the share exchange ratio for the amalgamation of the GRUH Finance with the Bandhan Bank shall be 568 fully paid up equity shares of the Bandhan Bank for every 1,000 fully paid up equity shares of GRUH Finance Limited.
The share price of Bandhan Bank during the Tuesday trading session dipped by 3.68% at Rs 479.70 whereas share price of GRUH Finance Limited dropped by 16.6% at Rs 255.50.
