Bandhan Bank surged 9.18% to Rs 553.50 on reports that the stock will be included in the MSCI India largecap index from 16th October 2019.
The combined free float market capitalisation of Bandhan Bank will increase to above $2.5 billion after its merger with Gruh Finance, which made it eligible for MSCI largecap index, reports suggested.
In January 2019, Gruh Finance and Bandhan Bank announced a merger deal through share swap. Shareholders of Gruh Finance will receive 568 shares of Bandhan Bank for every 1,000 shares held.
On 4 October 2019, Bandhan Bank informed that the National Company Law Tribunal, Ahmedabad Bench and Kolkata Bench approved the scheme of amalgamation between the bank and Gruh Finance.
The bank has fixed Thursday, 17 October 2019, as the record date for determining eligible shareholders of Gruh Finance who shall be entitled to receive the equity shares of the bank.
Gruh Finance was currently trading 7.59% higher at Rs 293.45.
Meanwhile, the S&P BSE Sensex was up 51 points or 0.13% to 37930.91.
On the BSE, 8.73 lakh shares were traded in the Bandhan Bank counter so far compared with average daily volumes of 37,589 shares in the past two weeks. The stock hit a high of Rs 608.3 and a low of Rs 535.15 so far during the day.
The stock hit a 52-week high of Rs 635.55 on 03 May 2019. The stock hit a 52-week low of Rs 369.15 on 26 Oct 2018.
Net profit of Bandhan Bank rose 45.55% to Rs 701.14 crore on a 37.7% increase in total income Rs 2432.77 crore in Q1 June 2019 over Q1 June 2018.
Bandhan Bank is a commercial bank, which offers a variety of asset and liability products and services designed for micro banking and general banking, as well as other banking products and services.
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