Canindia News

115: 1,000 swap ratio for amalgamation of Indian Bank-Allahabad Bank

Chennai, March 6 (IANS) Public sector Indian Bank on late Thursday announced a share swap ratio of 115 equity shares of Rs 10 each of Indian Bank for every 1,000 shares of Rs 10 each of Allahabad Bank.

As per the scheme, Allahabad Bank will be amalgamated into Indian Bank.

In regulatory announcement, Indian Bank said its Board of Directors at a meeting approved the fair equity share exchange ratio of 115 equity shares of Indian Bank for every 1,000 shares of Allahabad Bank which is subject to the statutory and regulatory approvals.

According to Indian Bank, a Grievance Redressal Committee headed by Chitra Venkataraman, Retired Judge of Madras High Court has been set up to address the grievances of minority shareholders (minority shareholders are those shareholders who either: (a) individually or collectively hold at least one percent of the total paid up equity capital of any of Indian Bank or Allahabad Bank; or (b) are one hundred shareholders acting collectively, either of Indian Bank or Allahabad Bank.

The Board has fixed Monday, March 23, 2020 as Record Date for issuing and allotting equity shares of Indian Bank to the shareholders of Allahabad Bank as per the swap ratio.

–IANS

vj/rs/

YOU MAY ALSO BE INTERESTED IN

IIFL dealer, 5 others barred from securities market for front running

CanIndia New Wire Service

India can become AI laboratory of the world: NITI Aayog CEO

CanIndia New Wire Service

India needs to move beyond exporting raw materials: Goyal

CanIndia New Wire Service

Growth in data tariffs, broadband reach show move towards higher ARPU

CanIndia New Wire Service

Three pvt banks in TN, Kerala hit headlines for wrong reasons

CanIndia New Wire Service

Stimulus, healthy macros expected to lift markets (IANS Equity Outlook)

CanIndia New Wire Service

‘CIRP threshold against personal guarantors should be raised’

CanIndia New Wire Service

Unscathed: Pent-up demand more sustained, predictable now, says Kia India (IANS Special)

CanIndia New Wire Service

Accounts not performing due to delay won’t be labelled NPAs: Centre

CanIndia New Wire Service

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More