Bharat Financial, IndusInd Bank up 2% each on merger news

The implied price is likely be set at 10-12 per cent premium over the prevailing market price of Bharat Financial Inclusion, ET Now had reported. NSEBSEIndusInd BankLoading data…

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      ChartsValuation & Peer ComparisonCommunity BuzzPEER COMPANIES NEW DELHI: Shares of Bharat Financial Inclusion (erstwhile SKS Microfinance) and IndusInd Bank rose 2 per cent each on Monday after the lenders entered into an exclusivity contract with for a possible merger, ET Now reported

      Following the report, shares of Bharat Financial Inclusion rose 2.13 per cent to hit a high of Rs 955.95 on BSE. Shares of IndusInd Bank advanced 1.57 per cent to Rs 1723.20.

      The announcement came in in line with ET Now’s earlier reporting where it cited sources suggesting the board members of the micro finance company were preferring IndusInd Bank to RBL Bank in a share swap deal.

      The swap ratio is likely to be set at 1.5 shares of Bharat Financial Inclusions for every one share of IndusInd Bank, ET Now had reported last week.

      The full details of the deal are yet to be out.

      The implied price is likely be set at 10-12 per cent premium over the prevailing market price of Bharat Financial Inclusion, ET Now had reported.

      ET Now had first reported on this subject on February 2 this year.

      Earlier in May, the company had said that it was open to complete takeover by a bank or a merger or even a 10 per cent strategic-stake.

      Managing Director M R Rao told ET that consultant is evaluating all options including share-swap or all-cash deal.

      “We have no bias on any bank. What we are looking at is that which bank would be best suited for the interest of the stakeholders – the customers, shareholders and employees,” Rao had told ET.

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