CBoP allots over 13 crore shares to LKB shareholders

CBoP allots over 13 crore shares to LKB shareholders
PTI
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First Published: Mon, Sep 10 2007. 05 25 PM IST
Updated: Mon, Sep 10 2007. 05 25 PM IST
Mumbai: The Centurion Bank of Punjab, on 10September said it has alloted 13.21 crore equity shares to the shareholders of Lord Krishna Bank (LKB), which was merged with itself recently.
The Reserve Bank of India (RBI) approved the amalgamation of LKB with Centurion Bank of Punjab (CBoP) and had said all branches of LKB would function as branches of CBoP with effect from August 29.
CBoP has allotted over 13.21 crore equity shares of Re 1 each to the shareholders of LKB in the ratio of 7 equity shares for every 5 shares of Rs 10 each, held them as per the scheme of amalgamation, the bank said in a filing to the Bombay Stock Exchange.
This decision was pursuant to Reserve Bank of India’s approval for the amalgamation of LKB with CBoP.
Shares of CBoP closed at Rs 39.60, down 1.49% on the BSE.
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First Published: Mon, Sep 10 2007. 05 25 PM IST