Report says India's Federal Bank to buy controlling stake in Jana SFB; stocks fall
BUZZ-Report says India's Federal Bank to buy controlling stake in Jana SFB; stocks fall ** Federal Bank FED.NS shares drop as much as 4.4% to one-month low of 342.05 rupees
** Jana Small Finance Bank's JANA.NS promoter may sell entire 16.9% stake to Federal Bank, CNBC-TV18 reports
** After the stake sale, Federal Bank is expected to launch an open offer for the remaining shares, report says, adding that the deal is in advanced stages
** Federal Bank says there is no material event requiring disclosure in response to a query from exchanges
** It is evaluating various opportunities in the ordinary course of business to support growth and expansion, lender adds
** Jana Small Finance Bank did not immediately respond to Reuters request for comment
** JANA shares down 2.8% on the day
** FED, JANA up 31 and 33% year-to-date, exchange data shows
(Reporting by Bharath Rajeswaran and Vivek Kumar M in Bengaluru)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
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