#IndusIndBank shares rally 4% after promoters refute reports of merger with #KotakMahindraBank
businessinsider.in/finance/banks/…
By @pabsgill
businessinsider.in/finance/banks/…
By @pabsgill
#IndusIndBank shares saw its value surge by 4% after Bloomberg reported that a merger might be in the works with #KotakMahindraBank.
Both banks have refuted the report. #IndusIndBank went so far as to say that it’s “malicious, untrue and baseless.”
Nonetheless, the shares of #IndusIndBank rallied over 4% after the bank refuted media reports. #KotakMahindraBank, on the other hand, saw its stock value marginally in the red.
According to Bloomberg, The Hinduja family is reportedly looking at selling control of #IndusIndBank after a dispute between the four brothers about the future of their fortune, which comes up to around $11.2 billion.
If true, this isn’t going to be #KotakMahindraBank’s first tussle in the acquisition area. In 2014, it merged with ING Vysya Bank in an all-stock deal worth ₹15,000 crore.
#KotakMahindraBank’s overall market capitalisation currently stands at ₹ 2.75 lakh crore against #IndusIndBank’s ₹50,000 crore.
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