IndusInd Bank rose 0.64% to Rs 1,707.25 at 9:50 IST on BSE after the bank said that it has entered into an exclusivity agreement with Bharat Financial Inclusion to have an exclusive discussion about the proposed potential strategic combination.
The announcements were made by IndusInd Bank and Bharat Financial Inclusion, separately, before market hours today, 11 September 2017.Bharat Financial Inclusion gained 0.86% to Rs 944.
Meanwhile, the S&P BSE Sensex was up 149.29 points or 0.47% at 31,836.81.
On the BSE, 9,044 shares were traded on the counter of IndusInd Bank so far as against the average daily volumes of 75,280 shares in the past one quarter. The stock had hit a high of Rs 1,723.20 so far during the day, which is also a record high. The stock had hit a low of Rs 1,702 so far during the day. The stock had hit a 52-week low of Rs 1,037.85 on 24 November 2016.
The stock had outperformed the market over the past one month till 8 September 2017, gaining 3.63% compared with 1.02% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 11.33% as against Sensex's 1.52% rise. The scrip had also outperformed the market in past one year, gaining 39.09% as against Sensex's 9.1% rise.
The large-cap bank has equity capital of Rs 598.76 crore. Face value per share is Rs 10.
IndusInd Bank and Bharat Financial Inclusion, separately, said that they have entered into an exclusivity agreement for agreeing to have an exclusive discussion about the proposed potential strategic combination by way of amalgamation through a scheme of arrangement, or any other suitable structure.
The agreement primarily provides for confidentiality of information/discussion and finalisation of the terms and conditions relating to the proposed transaction with a view to entering into a definitive documentation after the necessary approvals.
The proposed transaction would be subject to due diligence, approval of the boards, shareholders, statutory/regulatory and other third party approvals as may be required under the applicable laws.
IndusInd Bank's net profit rose 26.5% to Rs 836.55 crore on 21.5% growth in total income to Rs 5302.77 crore in Q1 June 2017 over Q1 June 2016.
IndusInd Bank is one of the leading private sector banks in India.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
