BoB finalises share swap ration for Dena, Vijaya Bank

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BoB finalises share swap ration for Dena, Vijaya Bank
BoB finalises share swap ration for Dena, Vijaya Bank

Mumbai:Lending major Bank of Baroda (BoB) on Wednesday finalised the equity share exchange ratio for amalgamation of Dena Bank and Vijaya Bank, subject to statutory regulatory approval.

According to a BSE filing, BoB will swap its 402 equity shares of Rs 2 each for every 1,000 equity shares of Rs 10 each of Vijaya Bank, while it will give 110 equity shares of Rs 2 each for every 1,000 equity shares of Rs 10 each of Dena Bank.

“A Grievance Redressal Committee headed by Shri Kode, retired judge of Mumbai 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 1 per cent of the total paid up equity capital of any of Bank of Baroda, Vijaya Bank or Dena Bank; or are 100 shareholders acting collectively, of any of Bank of Baroda, Vijaya Bank or Dena Bank,” BoB said in the regulatory filing.