Bandhan Bank rallies 3% after NCLT okays merger of Gruh Finance

Bandhan Bank shares gained 3 percent intraday on June 24 after the company received approval from National Company Law Tribunal for the merger with GRUH Finance.

The stock was quoting at Rs 537.40, up Rs 6.75, or 1.27 percent on the BSE at 1204 hours IST.

"The National Company Law Tribunal by way of its order dated June 20, approved the scheme of amalgamation of GRUH Finance into and with Bandhan Bank," the Kolkata-based bank said in its BSE filing.

In January 2019, Bandhan Bank and GRUH Finance announced a scheme of amalgamation and according to the share swap ratio, for every 1,000 shares of GRUH, shareholders will get 568 shares of Bandhan.