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BUZZ-India's Bharat Financial hits near 7-yr high on merger with IndusInd Bank
October 16, 2017 / 4:20 AM / in a month

BUZZ-India's Bharat Financial hits near 7-yr high on merger with IndusInd Bank

** Shares of Bharat Financial Inclusion Ltd rise as much as 3.8 pct to their highest since Nov. 1, 2010

** IndusInd Bank Ltd has agreed to an all-share deal to buy Bharat Financial for close to 155 bln rupees ($2.40 billion)

** IndusInd will give Bharat Financial’s shareholders 639 of its shares for every 1,000 shares they own in the microfinance lender

** We believe that the merger is clearly a sweet deal for Bharat Financial shareholders, analysts at Motilal Oswal write

** Morgan Stanley estimates deal will lead to increase in Bharat Financial’s earnings by about 36 pct for FY 2019 and 42 pct for FY 2020

** Shares of IndusInd Bank down 2.4 percent

** Bharat Financial Inclusion has gained about 71 pct this year up to Friday’s close

$1 = 64.7075 Indian rupees

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