 "Indian Bank allots 520.5 mn shares to Allahabad Bank shareholders")
Indian Bank has on Wednesday allotted 520.56 million equity shares of face value of Rs 10 each at approved Share Exchange Ratio to the equity shareholders of Allahabad Bank following the amalgamation of Allahabad Bank into Indian Bank.
The bank is in the process of filing listing applications with the stock exchanges and the aforesaid equity shares will either be credited to the Demat Accounts or Share Certificates will be despatched to the eligible shareholders of Allahabad Bank.
According to the Amalgamation Scheme, Bank accounts of eligible shareholders of Allahabad Bank as registered with the Depositories or Bank will either be credited or fractional warrants will be issued for the amount arising out of fractional entitlements.
The bank is in the process of filing listing applications with the stock exchanges and the aforesaid equity shares will either be credited to the Demat Accounts or Share Certificates will be despatched to the eligible shareholders of Allahabad Bank.
According to the Amalgamation Scheme, Bank accounts of eligible shareholders of Allahabad Bank as registered with the Depositories or Bank will either be credited or fractional warrants will be issued for the amount arising out of fractional entitlements.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%