Bharat Financial hits 52-week high; IndusInd Bank dips 3% on merger

Bharat Financial Inclusion hits a 52-week high of Rs 1,047, up 4.4%, while IndusInd Bank dipped 3% to Rs 1,700 on the BSE in intra-day trade.

Bharat Financial Inclusion hit its 52-week high of Rs 1,047, up 4.4%, while IndusInd Bank dipped 3% to Rs 1,700 on the BSE in intra-day trade after the board of respective companies approved a merger of the two entities to create a stronger and more sustainable platform for financial Inclusion.

Upon the Scheme becoming effective, Bharat Financial Inclusion will stand merged into IndusInd Bank.

“Bharat Financial Inclusion’s shareholders will receive 639 shares of IndusInd for every 1,000 shares of Bharat Financial Inclusion. This implies a premium of 12.6% to Bharat Financial Inclusion over two-week volume weighted price (VWAP),”