Merger of Vijaya Bank and Dena Bank with BoB to be effective from this date
This scheme may be called the Amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda Scheme, 2019, BoB said citing the government notification. "It (amalgamation) shall come into force on the 1st day of April, 2019," it said.
Bank of Baroda on Wednesday said the merger of Dena Bank and Vijaya Bank with itself would be effective from April 1 as per the scheme of amalgamation approved by the government. Besides, the board of the bank fixed March 11, 2019, as record date for issuing and allotting equity shares of the Bank of Baroda to the Shareholders of Vijaya Bank and Dena Bank.
This scheme may be called the Amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda Scheme, 2019, BoB said citing the government notification. "It (amalgamation) shall come into force on the 1st day of April, 2019," it said.
As per the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held.
In case of Dena Bank, its shareholders will get 110 shares for every 1,000 shares of BoB.
Watch this Zee Business video
The government in September last year had announced merger of state-owned Vijaya Bank and Dena Bank, with larger peer Bank of Baroda, aiming to create the third largest lender after SBI and ICICI Bank.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How soon will monthly SIP of Rs 6,000, Rs 8,000, and Rs 10,000 reach Rs 5 crore corpus target?
SBI Guaranteed Return Scheme: Know how much maturity amount you will get on Rs 2 lakh, 2.5 lakh, 3 lakh, 3.5 lakh and Rs 4 lakh investments under Amrit Vrishti FD scheme
SBI Senior Citizen FD Rate: Here's what State Bank of India giving on 1-year, 3-year, 5-year fixed deposits currently
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
07:01 AM IST