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Tuesday, July 17, 2018

Stocks gain up to 5.5 per cent on talks

The stock of IndusInd Bank rose by 5.56 per cent and ended the session at a record high of Rs 1,790.65. Bharat Financial Inclusion on the other hand rose by 3.34 per cent and ended the session at Rs 967.25.

By: ENS Economic Bureau | Mumbai | Published: September 12, 2017 2:03:28 am
IndusInd Bank, IndusInd Bank shares, Bharat Financial Inclusion, Bharat Financial Inclusion shares, stock, indian express, business news Bharat Financial Inclusion’s stock has doubled from its December lows. The stock is trading at a price to book value (PBV) to 5.45, compared to Ujjivan Finance’s PBV of 2.54 and Equitas’s 2.61. (Representational image)

Shares of IndusInd Bank and Bharat Financial Inclusion (BFIL) surged up to 5.5 per cent on Monday as the two companies entered into an exclusivity agreement to evaluate merger.

The stock of IndusInd Bank rose by 5.56 per cent and ended the session at a record high of Rs 1,790.65. Bharat Financial Inclusion on the other hand rose by 3.34 per cent and ended the session at Rs 967.25.

Bharat Financial Inclusion’s stock has doubled from its December lows. The stock is trading at a price to book value (PBV) to 5.45, compared to Ujjivan Finance’s PBV of 2.54 and Equitas’s 2.61.

Both the companies, in filings to exchanges, said they entered into an exclusivity agreement to evaluate a potential strategic combination between them.

“The exclusivity agreement provides for a mutually agreed exclusivity period for due diligence and discussion to evaluate a potential strategic combination between the company and BFIL by way of amalgamation through a scheme of arrangement, or any other suitable structure,” IndusInd Bank said in a stock exchange notification.

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