Federal Bank-Kotak Bank merger news: Federal Bank has issued a clarification on reports that the private sector lender is holding talks for a possible merger with Kotak Mahindra Bank. Headquartered in Aluva, Kochi, Federal Bank in an exchange filing on Monday denied holding any merger talks and described the reports as ‘speculative’.
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“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.
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The bank also said that it is committed to complying with the SEBI regulations and any information likely to have a bearing on company shares will be disclosed to the exchanges.
Earlier on Monday, Federal Bank share price hit a record high of Rs 129.75 on the NSE amid heavy volumes on the back of merger news. The stock price settled at Rs 123.55 after advancing over 3 per cent. Federal Bank share price in the last one month has yielded a return of more than 12 per cent while over 40 per cent in the last six months.
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Established in 1931, Federal Bank has over 1,250 branches in the country. It also has representative offices abroad in Middle East countries like the UAE (Abu Dhabi and Dubai), Qatar, Kuwait and Oman.
