Shares of Equitas Small Finance Bank (ESFBL) rose over 8 percent in early trade after the boards of parent Equitas Holdings and its subsidiary ESFBL cleared their merger plan.
Financial services firm Motilal Oswal said that amalgamation should ultimately pave way for a universal bank licence for Equitas Small Finance Bank and assigned a buy call to the firm with a target price of Rs 80.
Equitas Small Finance Bank stock zoomed 8.58% to Rs 57.55 against the previous close of Rs 53 onBSE today. The share has gained after two days of consecutive fall. It opened 4.15% higher today at Rs 55.20.