IDFC Bank jumps over 8 per cent on deal with Grama Vidiyal Micro Finance

By: | Updated: July 12, 2016 5:55 PM

IDFC Bank shares jumped over 8 per cent on Tuesday after the bank has entered into an agreement with Grama Vidiyal Micro Finance (GVMFL) for acquisition of 100 per cent equity share capital of GVMFL.

IDFC Bank sharesIDFC Bank shares jumped over 8 per cent on Tuesday after the bank has entered into an agreement with Grama Vidiyal Micro Finance (GVMFL) for acquisition of 100 per cent equity share capital of GVMFL. (Photo: PTI)

IDFC Bank shares jumped over 8 per cent on Tuesday after the bank has entered into an agreement with Grama Vidiyal Micro Finance (GVMFL) for acquisition of 100 per cent equity share capital of GVMFL.

The share price of the company ended 8.42 per cent up at Rs 52.15. The scrip opened at Rs 48.15 and touched a high and low of Rs 53.90 and Rs 48.15, respectively.

Grama Vidiyal will act as a dedicated Business Correspondent of IDFC Bank, and will help deepen reach and widen the delivery mechanism for banking services. The move enables IDFC Bank to significantly enhance its network and reach and make basic banking services available to a large customer base.

The acquisition will give IDFC Bank immediate access to 1.2 million rural and semi-urban households and Grama Vidiyal’s network of 319 locations across 65 districts of Tamil Nadu, Kerala, Karnataka, Pondicherry, Maharashtra, Gujarat and Madhya Pradesh will act as BC centres to IDFC Bank. Current customer households of Crania Vidiyal, in turn, will benefit from IDFC Bank’s full range of liability products, customised credit offerings, innovative digital services and doorstep banking.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition