Spandana Sphoorty Financial share price jumped nearly 17 percent intraday on June 4 after Moneycontrol reported that Axis Bank was in talks to acquire the micro-financier.
Axis Bank is in talks to acquire Spandana Sphoorty, which is also reportedly open to exploring a complete sale, sources told Moneycontrol. Both sides were interested in the deal, which had been in the works for a while, the sources said.
As the exchange sought clarification from Spandana Sphoorty Financial on the movement in volume, the company said that all the material information/announcement that may have a bearing on the operations/performance of the company, which includes all the necessary disclosures in accordance with regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, were always disclosed within the stipulated time and made available in the public domain.
At 1251 hours, Spandana Sphoorty Financial was quoting at Rs 771.15, up Rs 86.65, or 12.66 percent and Axis Bank was quoting at Rs 748.70, down Rs 1.75, or 0.23 percent on the BSE.