New Delhi: Federal Bank has clarified that the merger news of Federal Bank and Kotak Bank is only speculative as of now. Federal Bank in an exchange filing on Monday refuted holding any merger talks and said the reports as ‘speculative’.
“We wish to clarify categorically that the news report of a merger between Federal Bank and another private bank is speculative in nature,” the bank said in a filing.
“In this regard, we would like to state that there is no information available with the company as of today, which is required to be reported under extant SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and which may have a bearing on the stock price of the company,” it added.
Once the media report began circulating regarding Federal-Kotak bank merger, the former shares had seen on Monday high jump to reach Rs 129.75 on the NSE. Later, the stock price settled at Rs 123.55 by advancing over 3 %.
In the last three months, Federal bank stock price gained over 40 % which was led by strong business growth in June quarter.
Federal Bank was founded in 1931 and now has more than 1,250 locations around the nation. Additionally, it has representational offices overseas in Middle Eastern nations including Qatar, Kuwait, Oman, and the UAE (Abu Dhabi and Dubai).