Federal Bank denied reports of a likely merger with Kotak Mahindra Bank and termed news reports "speculative." There was news in the media section about the merger of the leading private sector lenders, Kotak and Federal Bank.
"We wish to clarify categorically that the news report of a merger between Federal Bank and another private bank is speculative. In this regard, we would like to state that there is no information available with the Company as of today, which is required to be reported under extant SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and which may have a bearing on the stock price of the Company," said Federal Bank in a release to exchange.
Despite the denial of the media's report, the Federal banks continue to trade on a positive upside with a current market price of Rs. 123.90.
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