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Suryoday Small Finance Bank (SFB) issued a clarification to the exchanges in a response to the news reports that suggested that the small finance bank is in merger talks with Clix Capital. Shares of Suryoday SFB were trading over 11% higher in Tuesday's early deals at 201 per share on the BSE, after hitting 20% upper circuit in Monday's session post the merger report.

"..on the news item "Clix Capital, Suryoday in exploratory merger talks", which appeared in on September 13, 2021, and would like to clarify that we are unable to comment on media speculation and rumours and it would be inappropriate on our part to do so," the company said in an exchange filing on Monday.

It further added that the management of the bank continues to “explore and evaluate various opportunities or associations in the interest of the bank, as and when considered appropriate, which is always a subject matter of fuither feasibility studies and the need for requisite consents in accordance to applicable law and other stakeholders."

According to a Business Standard report, Clix Capital Services, a digital-lending shadow bank, is in merger talks with Suryoday SFB. The report added that the due diligence is already on for the proposed merger, which is in a fairly advanced stage and the deal is expected to be closed soon.

Suryoday Small Finance Bank Limited is a scheduled commercial bank. Commencing its operations as an NBFC, Suryoday started its operations as an SFB in 2017. The bank has a presence across 13 states and UTs across India through its 555 banking outlets, with a strong presence in Maharashtra, Tamilnadu and Odisha.

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