Bandhan Bank to acquire HDFC-promoted Gruh Finance in merger deal

New Delhi: Bandhan Bank on Monday said it has agreed to acquire housing finance firm Gruh Finance through a share swap deal. Gruh Finance, promoted by the country’s largest mortgage firm HDFC Ltd, is into the financing of affordable housing segment. [caption id=“attachment_4448051” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] Under the merger cooperation agreement, shareholders of Gruh Finance will get 568 shares of Bandhan Bank for every 1,000 shares held. The amalgamation will result in enhancement of shareholders’ value accruing from the synergy of operations, new products development, integration of technology and information, both the companies said in regulatory filings to stock exchanges. It will help in pooling of resources, creating better synergies, optimal utilisation of resources and greater economies of scale, the filings said. Bandhan Bank has a market capitalisation of Rs 59,800 crore, while Gruh Finance is worth Rs 23,224 crore.