Home / Industry / Banking /  Merger of Vijaya Bank and Dena Bank with BoB to be effective from 1 April

NEW DELHI : Bank of Baroda on Wednesday said the merger of Dena Bank and Vijaya Bank with itself would be effective from 1 April as per the scheme of amalgamation approved by the government.

Besides, the board of the bank fixed March 11, 2019, as record date for issuing and allotting equity shares of the Bank of Baroda to the Shareholders of Vijaya Bank and Dena Bank.

This scheme may be called the Amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda Scheme, 2019, BoB said citing the government notification.

"It (amalgamation) shall come into force on the 1st day of April, 2019," it said.

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 of state-owned Vijaya Bank and Dena Bank, with larger peer Bank of Baroda, aiming to create the third largest lender after 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.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
My ReadsRedeem a Gift CardLogout