For Quick Alerts
For Daily Alerts

Bandhan Bank Receives RBI's Nod To Acquire Gruh Finance


In a regulatory filing, the new-age Bandhan Bank said, "The Reserve Bank has by its letter dated March 14, 2019, conveyed its no objection for the voluntary amalgamation of Gruh Finance Ltd into and with Bandhan Bank, subject to compliance with the terms and conditions therein". The bank has been a go-ahead by the Reserve Bank of India for the proposed acquisition of Gruh Finance.

Bandhan Bank Receives RBI's Nod To Acquire Gruh Finance

In January, the housing finance company of HDFC Ltd;. Gruh Finance has been taken over by Bandhan Bank in a share swap agreement. In accordance with the terms of the deal, Kolkata-based Bandhan Bank has to transfer 14.9% stake to HDFC for the proposed merger of Bandhan with Gruh Finance.

The swap ratio for the amalgamation will be 568 shares of Bandhan Bank for every 1,000 shares of Gruh Finance.

After the deal, promoter holding i.e. Bandhan Financial Holdings in Bandhan Bank will come down to 61% from appx. 82%, while stake of HDFC in Gruh Finance will also be reduced from 57% and it will now hold 15% in the merged company.

Bandhan Bank stock closed 0.45% down at Rs 511.05 on the BSE.

Read more about: bandhan bank rbi gruh finance
Story first published: Saturday, March 16, 2019, 10:24 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more