Spandana shares jump as much as 19.7% to the highest intraday level since Jan. 15 after a Moneycontrol report that a proposed deal for Axis Bank to acquire small-cap lender has been in the works for some time.
The micro-finance lender is exploring a complete sale, according to website reports, citing people it didn’t identify.
Axis Bank expects the deal to help reduce its priority sector lending costs, expand customer base and give opportunities to cross-sell products and services.
