Bandhan Bank has received approval of its shareholders for the proposed acquisition of Gruh Finance, the affordable housing finance arm of HDFC. As part of the deal, Bandhan Bank has to transfer 14.9 per cent stake to HDFC for merging Gruh Finance with itself. The Gruh Finance deal will reduce stake of Bandhan Financial Holdings in Bandhan Bank to about 61 per cent from the current 82 per cent. HDFC will hold about 15 per cent stake in the merged entity from about 57 per cent in Gruh Finance.
The share swap ratio for the merger will be 568 shares of Bandhan Bank for every 1,000 shares of Gruh Finance.
Bandhan Bank is an Indian banking and financial services company headquartered in Kolkata, West Bengal. Bandhan, which started as a micro-finance company in 2001, received banking licence by Reserve Bank of India in 2014.
| Company Name | CMP |
|---|---|
| HDFC Bank | 799.90 |
| ICICI Bank | 1347.50 |
| Axis Bank | 1359.15 |
| Kotak Mahindra Bank | 383.50 |
| Indusind Bank | 853.15 |
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