Clarification on media report of a possible merger; bank says it is not aware of the news item
Reply to a BSE query on a media report about a possible merger: the Bank says it is not aware of the report's background or factual correctness, is not involved in any negotiations or discussions of that nature.
By ScoutQuest · · 2 min read
What the company was asked
- BSE wrote to the Bank seeking clarification on a news item published on a news website, captioned "CSB Bank merger with IDBI Bank likely after Fairfax deal."
- The Exchange asked whether any such negotiations or events were taking place, whether the company held any unannounced information, and about any regulatory or legal proceedings.
What the company said
- The Bank states it is not aware of the background of the news item or of the factual correctness of its contents.
- It says it has no information regarding the matters reported and is not involved in any negotiations, discussions, events or developments of the nature referred to in the news item.
- On whether such negotiations or events were taking place, the Bank says it has no information regarding them, and so the question of giving a chronological sequence of events does not arise.
- Asked whether it is aware of any information not already announced to the exchanges that could explain the movement in trading, the Bank's response is "No".
- On regulatory or legal proceedings, the Bank says it is not aware of any.
- The Bank adds that it will continue to promptly notify the exchanges of all events, information and actions that require disclosure.
How to read this
- A company is typically asked for a clarification when a media report or market movement needs to be confirmed. Here, the company's reply is that it has no information about the report and is not part of any such talks.
- This is a clarification, not an announcement of a transaction. The report of a possible merger is not confirmed by the company in this update.
- The Bank's answers address the specific points raised by the Exchange: negotiations, unannounced information and legal or regulatory proceedings.
- Nothing here changes what the company has already told the exchanges; it is a response to a query about a news item.
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