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Bank Of Baroda, Vijaya Bank, Dena Bank Share Swap Ratio Approved

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.

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Frasers slams Debenhams over £222 million pay scheme

Highlights

  • Debenhams pushes ahead with executive pay scheme worth up to £222 m without shareholder approval.
  • CEO Dan Finley could earn up to £148 m if share price reaches £3 over next five years.
  • Frasers Group, holding 29.7 per cent stake, calls move "utterly disgraceful" amid long-running corporate tussle.
Struggling British online fashion retailer Debenhams has sparked outrage from its biggest investor after deciding to implement a new executive pay scheme worth up to £222 million without seeking shareholder approval.

Frasers Group, which holds a 29.7 percent stake in Debenhams, condemned the move through its chief financial officer Chris Wootton on Thursday. "Typical corporate governance from them, utterly disgraceful," Wootton said, criticising the retailer's decision to bypass investors.

Under the new incentive scheme, Debenhams CEO Dan Finley could earn up to £148 m and CFO Phil Ellis up to £14.8 m if the company's share price hits £3 over the next five years. Debenhams shares were trading at 22.25 pence on Thursday, down 3.3 percent.

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