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HDFC laughs all the way to bank as Bandhan, Gruh investors sulk
Mumbai, Jan. 11 -- Bandhan Bank Ltd's merger with Gruh Finance Ltd appears to be a deal that was born out of compulsion and is anything but sweet for minority shareholders of the bank and the mortgage lender, analysts said. The crash in stock prices of the two entities following the merger announcement points to that effect. Between 7-8 January, Bandhan Bank has dropped by around 10% to '477.05 on BSE, while Gruh Finance, controlled by Housing Development Finance Corp. Ltd (HDFC), has plunged by around 20% to '256. The deal favours HDFC more than shareholders of Bandhan Bank and Gruh Finance, according to five people that Mint spoke to. For Gruh Finance management, the merger discussions came as a surprise, said two of the five people direc...
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