The Cabinet on January 2 approved the merger of the three public sector banks
The Cabinet on January 2 approved the merger of the three public sector banks.
The three banks agreed on fair equity share exchange ratio for shareholders, Bank of Baroda said in a statement on January 2.
Bank of Baroda said Vijaya Bank shareholders will receive 402 shares of BoB for 1,000 shares held of Vijaya Bank. Dena Bank’s shareholders will receive 110 shares of BoB for every 1,000 shares.
Bank of Baroda rose as much as 3.3 percent on the BSE, quoting at Rs 123.35.Dena Bank plunged as much as 19.7 percent and Vijaya Bank fell as much as 7.4 percent.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.