Equitas Hodings Ltd (EHL) is the top gainer on the BSE since the opening bell today morning. From its close of Rs.124.45, it rose to hit an intraday at Rs.136.80, which was just inches away from its 52-week high of Rs.138.40.
The stock price has reacted positively to the news that its Board yesterday approved the scheme of amalgamation with subsidiary Equitas Small Finance Bank Ltd (ESFBL).
The appointed date for the scheme is November 1, 2021 and as per the scheme, for every 100 shares of EHL, shareholders will get 226 shares in ESFBL.
RBI has given its approval for the amalgamation on the SFB mandate that the promoter will have to lower stake in the subsidiary to 40% within 5 years of the SFB beginning operations.
As at 30th June 2021, the promoter, EHL, held 81.75% stake in the SFB.