AU Small Finance Bank gains after RBI approves amalgamation of Fincare Small Finance Bank with itself
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AU Small Finance Bank is currently trading at Rs. 573.00, up by 1.05 points or 0.18% from its previous closing of Rs. 571.95 on the BSE.
The scrip opened at Rs. 573.20 and has touched a high and low of Rs. 577.85 and Rs. 565.50 respectively. So far 66410 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 813.00 on 08-Jan-2024 and a 52 week low of Rs. 548.15 on 24-Mar-2023.
Last one week high and low of the scrip stood at Rs. 590.45 and Rs. 564.95 respectively. The current market cap of the company is Rs. 38228.08 crore.
The promoters holding in the company stood at 25.46%, while Institutions and Non-Institutions held 61.93% and 12.61% respectively.
The Reserve Bank of India (RBI) has sanctioned the Scheme of Amalgamation of Fincare Small Finance Bank (Transferor Bank) with AU Small Finance Bank (Transferee Bank). The Scheme has been sanctioned in exercise of the powers contained in sub-section (4) of Section 44A of the Banking Regulation Act, 1949.
The effective date of the amalgamation shall be April 01, 2024. All the branches of Fincare Small Finance Bank will function as branches of AU Small Finance Bank with effect from April 01, 2024.
AU Small Finance Bank is a small finance bank (SFB) that has recently transitioned from a prominent, retail focused nonbanking finance company (NBFC), which primarily served low and middle-income individuals and businesses that have limited or no access to formal banking and finance channels.
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