India’s Bank of Baroda (BoB) approved the swap ratio for the planned merger of Vijaya Bank and Dena Bank with itself, according to an exchange filing on Wednesday (02).
The board of directors of the BoB approved the swap ratio for the amalgamation. Accordingly, Vijaya Bank shareholders will get 402 shares of BoB for 1,000 shares held of Vijaya Bank. Dena Bank shareholders will obtain 110 shares of BoB for every 1,000 shares.
A grievance redressal committee headed by Mumbai High Court retired judge Kode, has been set up to address the grievances of minority shareholders, BoB said.
Last year, the Indian government announced the merger of Vijaya Bank and Dena Bank with the BoB. The merged entity will be the third-largest bank after State Bank of India and HDFC Bank in India.
