Federal Bank is set to acquire controlling stake in Jana SFB, sources said.
The Jana SFB promoter is likely to sell 16.9% stake to Federal Bank, sources added.
The deal may be done at 15% to 20% premium of Jana SFB’s current market price.
At the end of the June quarter, the promoter of Jana SFB held a 16.9% stake in it. The promoter had divested 4.9% stake in the first quarter of this fiscal and intends to further monetise the stake. The promoter is seeking reclassification to the public category once the stake falls below 9.99%.
Last month, when CNBC-TV18 had reported, citing sources that the Jana Federal Bank-Jana SFB acquisition talks were in advanced stages, Federal Bank had replied to CNCB-TV18 saying it evaluates various opportunities for growth and expansion.
However, there was no material event or information that required discloser at that moment. Jana SFB had not responded to CNBC-TV18 at the time.Also Read: Oracle Financial Services shares set for their worst week in 20 months; Here’s what is concerning the street