the creation of the Centurion Bank of Punjab and later on 25 feb, HDFC Bank acquired the Centurion Bank of Punjab. (CBoP) for Rs 9, The Centurion Bank of Punjab (formerly Centurion Bank) was an Indian private sector bank that the major Indian stock exchanges and on the Luxembourg Stock Exchange. On 23 May HDFC Bank acquired Centurion Bank of Punjab. size through expansion, diversification and merger and acquisitions. The merger between HDFC Bank and Centurion Bank of Punjab (CBOP) was billed as.
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Interestingly, the HDFC scrip slipped 3. The transfer and vesting of Liabilities, as aforesaid, shall be subject to subsisting charges, if any, in respect of any Assets.
By using this site, you agree to the Terms of Use and Privacy Policy. CBoP shall be deemed to have carried on all its business and activities and shall be deemed to have held and been in possession of and shall hold and be in possession of all the Assets for and on account of and in trust for HDFC Bank; and.
The Transferor Bank and the Transferee Bank intend that pursuant to the consolidation to be effected through this Scheme, a strong bank with good branch quality, and emphasis on commercial and social banking in compliance with applicable Law and policy of the RBI, shall be created, and the consolidated bank shall centuriom an employee-friendly institution that would be a preferred employer in the banking sector.
This is the second time after almost six years that these two banks are discussing a merger. This will alert our punnjab to take action.
HDFC Bank, Centurion Bank of Punjab merger swap fixed at – BUSINESS – The Hindu
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All such options to vest or date of filing of the Scheme with the RBI. In this Scheme as defined herein belowunless inconsistent with the subject or context, the following expressions shall have the following meaning: Each Party shall bear its own costs and expenses in respect of all matters arising out of, or in connection with, this Scheme unless otherwise expressly agreed in writing.
HDFC Bank to acquire Centurion Bank of Punjab – Banknet India
Woes of the West should not worry us: By George Smith Alexander. NIFTY 50 10, 2. HDFC Bank and CBoP may pending sanction of the Scheme by RBI make or assent, from time to time, on behalf of all persons concerned to any modifications or amendments to the Scheme or to any conditions or limitations which the RBI or any other relevant or concerned authority under Law may direct or impose or which may otherwise be considered necessary, and may do and execute all acts, deeds, instruments, matters and things necessary for putting the Scheme into effect, or for the purpose of better structuring and effective implementation of the Scheme.
Mr Bhandari will join the board of the new bank while Rana Talwar is likely to be its non-executive chairman.
Such trust shall dispose of the aggregate of all such fractional holdings and distribute the net proceeds after deduction of expenses incurred to the respective Members of CBoP in proportion to their respective fractional entitlements.
Save as contemplated in this Scheme of Arrangement, no proposal shall be taken to the respective Boards by either Party unless the same is in compliance with Clause 8. In so far as New Equity Shares are concerned, the same will be distributed in dematerialized form to the equity shareholders of CBoP, provided all details relating to the account with the Depository Participant are available to HDFC Bank. On Wednesday, officials of both the banks held marathon meetings with a leading investment banker to discuss the finer points.
Holders of global depository receipts with the equity shares of CBoP being the underlying securities shall become entitled to American Depository Shares of HDFC Bank with the underlying securities being the New Equity Shares in the proportion of one equity share of Rs.
Choose your reason below and click on the Report button. In as a part of the recapitalisation, Centurion Bank had The determination by the RBI as to the value of the shares to be paid to the dissenting Member shall be final and binding on such dissenting shareholders for all purposes.
Centurion Bank of Punjab to merge with HDFC Bank
The share-swap deal, worth over Rs 10, crore, may be worked around the current market price of Rs 57 a share of CBoP. The global depository receipts with the equity shares of CBoP being the underlying securities shall stand replaced by equity shares of HDFC Bank in the same proportion as the share swap ratio set out in this Scheme. HDFC has a Nothing contained herein shall restrict the issuance of equity shares of CBoP upon exercise of the stock options and.
It is clarified that the service of the Employees of CBoP will be treated as having been continued for the purpose of the aforesaid funds or schemes or provisions. To see your saved stories, click on link hightlighted in bold.
The Centurion Bank of Punjab formerly Centurion Bank was an Indian private sector bank that provided retail and corporate banking services.
The Integration Committee and each sub-committee shall comprise at least one employee from each Party. Holders of global depository receipts with the equity shares of CBoP being the underlying securities shall become entitled to global depository receipts of HDFC Bank bqnk the underlying securities being the New Equity Shares in the proportion of one equity share of Rs. The face value of these shares were at Re 1.