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Federal Bank termed the reports of the bank merging with Kotak Mahindra Bank as “speculative”, in a statement issued on Monday. “We wish to clarify categorically that the news report of a merger between Federal Bank and another private bank is speculative in nature,” the statement said.
After it refuted the reports, shares of Federal Bank, which climbed 8.5 per cent to touch a 52-week high of ₹129.75 in early deal, the stock later pared some gains to close 3.3 per cent higher at ₹123.45 on the NSE.
Reports had claimed that the management of both the private sector banks met recently and that the discussions could lead to a merger. Kotak Mahindra Bank refused to comment on the matter. Shares of the bank rose 2 per cent to an intraday high of ₹1,957, but ended 0.8 per cent higher at ₹1,934.75.
Federal Bank said that there is no information which is required to be reported under SEBI guidelines, which might impact the stock price of the bank. The private sector lender added that it is committed to complying with SEBI norms, and any information likely to have a bearing on its stock will be disclosed to the exchanges.
Published on September 5, 2022
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