Global Trust Bank fired all its engines today, jumping 6.3 per cent to Rs 18.55, following reports that Newbridge Capital was eyeing a 49 per cent stake in the bank.
The scrip closed the day on the BSE higher by 13.58 per cent at Rs 18.40. It hit a high of Rs 18.75 earlier in the day.
A total volume of 4.73 lakh shares was recorded on the BSE today. So far this month, Global Trust Bank (GTB) has risen 35 per cent from Rs 13.75 on May 9.
Banking analysts said that the surfacing of Newbridge Capital as a potential acquirer has boosted the scrip. GTB, itself, is in the process of rewriting its fiscal 2002 balance sheet by making additional provisions to take care of its bloated non-performing assets (NPAs).
GTB said that it is mulling various options for raising additional capital. It may be recalled that GTB had received approval from RBI for utilising reserves of Rs 252 crore towards additional write-off required towards non-performing assets in FY 2001-02. The bank had appropriated Rs 201.95 crore from the reserves for such write-offs.
