Shares of Bandhan Bank rallied nearly 9 percent intraday on October 15, a day ahead of its inclusion in the MSCI index. Gruh Finance also gained 6 percent intraday.
Bandhan Bank has rallied more than 30 percent in the last one month after getting the go-head for the merger of Gruh Finance.
Bandhan Bank will be included in the MSCI Global Standard Index, under the largecap segment from October 16.
It was quoting at Rs 593.60, up Rs 26.10, or 4.60 percent, while Gruh Finance was trading at Rs 314.35, up Rs 8.45, or 2.76 percent, on the BSE at 1147 hours.
The National Company Law Tribunal had in September approved the Bandhan Bank and Gruh Finance merger. The record date was fixed as October 17 for determining the shareholders of Gruh Finance who will be entitled to equity shares of the bank.
The bank will issue and allot 568 equity shares for every 1,000 shares held by Gruh shareholders.
After the issuance and allotment of the equity shares by Bandhan, it will complete the necessary steps to have the equity shares listed on the BSE Limited and National Stock Exchange of India Limited. Hence, trading in Gruh Finance will be suspended from October 16.
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