Following its board meeting on March 5, Punjab National Bank (PNB) has announced the share exchange ratio for the merger with Oriental Bank of Commerce and United Bank of India, it said in a filing on the exchange.
The share exchange ratio approved for the same is as follows:
- 1,150 equity shares of Rs 2 each of PNB for every 1,000 equity shares of Rs 10 each of Oriental Bank of Commerce
- 121 equity shares of Rs 2 each of PNB for every 1,000 equity shares of Rs 10 each of United Bank of India
The bank also said the board has fixed March 25 as the date for issuing and allotting its equity shares to the shareholders of Oriental Bank and United Bank as per the above-mentioned share exchange ratio.
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