Moneycontrol PRO
Upcoming Event:Super25 3.0- India’s Largest Online Stock Traders Conference brought to you by Moneycontrol Pro & Espresso

Govt to infuse Rs 5,042 cr into Bank of Baroda

The finance ministry through its notification on Wednesday conveyed its decision to infuse capital of Rs 5,042 crore in BoB, the bank said in a regulatory filing.

March 28, 2019 / 11:58 AM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

The government has decided to infuse Rs 5,042 crore into state-owned Bank of Baroda (BoB) ahead of merger of two other public sector lenders Dena Bank and Vijaya Bank with BoB. The merger of Dena Bank and Vijaya Bank with BoB would be effective from April 1.

The finance ministry through its notification on Wednesday conveyed its decision to infuse capital of Rs 5,042 crore in BoB, the bank said in a regulatory filing.

"The capital infusion will be by way of preferential allotment of equity shares (special securities/bonds) of the bank during FY2018-19, as government's investment," it said.

According to the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held.

In the case of Dena Bank, its shareholders will get 110 shares for every 1,000 shares of BoB.

Close
The government in September last year had announced merger of Vijaya Bank and Dena Bank with Bank of Baroda, aiming to create the third-largest lender after SBI and ICICI Bank.



Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes

PTI
first published: Mar 28, 2019 11:55 am
Sections
ISO 27001 - BSI Assurance Mark