Indian Bank has said that there is no change in the share exchange ratio notified by the Bank on March 5, 2010 for the amalgamation of Allahabad Bank into the Bank, even after the expert committee constituted to consider the objections of the minority shareholders on share exchange ratio submitted its report.
The Board of Directors on March 5 approved fair equity share exchange ratio at 115 equity shares of Rs 10 each of Indian Bank for every 1000 shares of Rs 10 each of Allahabad Bank. Allahabad Bank has also informed the exchanges that the share exchange ratio remain unchanged.
The record date for issue of equity shares of the Bank to the shareholders of Allahabad Bank has been fixed as March 23, 2020. The government in August, last year announced plans to merge 10 public sector banks (PSBs) into four.
The move included Allahabad Bank's merger with Indian Bank, creating the seventh-largest public sector bank (PSB) with Rs 8.08 trillion on its books.