Bandhan Bank Ltd. has denied reports of a potential acquisition by First Abu Dhabi bank in a clarification issued via an exchange filing on Tuesday.
In regards to reports claiming that one of the Indian banks that Abu Dhabi First Bank is looking to acquire is Bandhan Bank, the bank said it is not involved in any such discussion.
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Further, it called article "factually incorrect", categorically refuting the reported speculation regarding any acquisition related discussions or proposal involving Bandhan Bank and First Abu Dhabi Bank.
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"Bandhan Bank wishes to clarify that it is not involved in any such discussion and the reference of the Bank in the abovementioned article is factually incorrect. The Bank categorically denies the reported speculation regarding any acquisition related discussions or proposal involving Bandhan Bank and First Abu Dhabi Bank," the filing stated.
Earlier reports indicated that Abu Dhabi-based International Holding Company (IHC) and First Abu Dhabi Bank were in early-stage talks to acquire a strategic stake in Bandhan Financial Services Ltd. (BFSL), the bank's promoter entity.
The reported discussions came as BFSL looks to sell a stake of 25% to 32% to strategic investors, potentially providing an exit route for some of its early investors.
Bandhan Bank Share Price
Shares of Bandhan Bank edged higher to touch Rs 157.45 apiece, later they pared some gains to trade 1.5% higher at Rs 153.15 as of 2:45 p.m. on the NSE.
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