OPEN APP
Home >Industry >Banking >Government appoints Hasmukh Adhia as chairman of Bank of Baroda
As per the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held. (S. Kumar/Mint)
As per the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held. (S. Kumar/Mint)

Government appoints Hasmukh Adhia as chairman of Bank of Baroda

  • Bank of Baroda is set to become the third largest lender of the country after amalgamation with Vijaya Bank and Dena Bank effective 1 April
  • In case of Dena Bank, its shareholders will get 110 shares for every 1,000 shares of BoB

NEW DELHI : The government Friday appointed former Finance Secretary Hasmukh Adhia as chairman of state-owned Bank of Baroda (BoB).

Bank of Baroda is set to become the third largest lender of the country after amalgamation with Vijaya Bank and Dena Bank effective 1 April.

"Shri #Hasmukh Adhia, former Finance Secretary appointed non-executive Chairman of Bank of Baroda. Bank poised to leverage benefits of synergy and scale with stronger pan-India presence," Financial Services Secretary Rajiv Kumar said in a tweet.


The board of the bank has already fixed 11 March, 2019, as record date for issuing and allotting equity shares of the BoB to the shareholders of Vijaya Bank and Dena Bank.

As per the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held.

In case of Dena Bank, its shareholders will get 110 shares for every 1,000 shares of BoB.

The government in September last year had announced merger aiming to create the third largest lender after the SBI and ICICI Bank.

This story has been published from a wire agency feed without modifications to the text.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
Edit Profile
My Reads Redeem a Gift Card Logout