the creation of the Centurion Bank of Punjab and later on 25 feb, HDFC Bank acquired the Centurion Bank of Punjab. (CBoP) for Rs 9, The Centurion Bank of Punjab (formerly Centurion Bank) was an Indian private sector bank that the major Indian stock exchanges and on the Luxembourg Stock Exchange. On 23 May HDFC Bank acquired Centurion Bank of Punjab. size through expansion, diversification and merger and acquisitions. The merger between HDFC Bank and Centurion Bank of Punjab (CBOP) was billed as.
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Reserve Bank of India. The conversion of these warrants would help Sabre to increase its stake in the bank. The biggest merger in Indian banking is about to happen. RBI may go forward with rate cut option.
The Scheme as set out herein in its present form shall be effective from the Appointed Date and shall be operative from the Effective Hxfc. There was a lock-in period for these shares. The global depository receipts with the equity shares of CBoP being the underlying securities shall stand replaced by equity shares of HDFC Bank in the same proportion as the share swap ratio set out in this Scheme.
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HDFC Bank, Centurion Bank of Punjab merger swap fixed at 1:29
India Inc to face difficulty in fund raising. Notwithstanding anything contained herein, in the event of any Member of CBoP having a shareholding such that such Member becomes entitled to a fraction of a New Equity Share, all the fractional entitlements of various Members shall be aggregated and without any further act, deed or thing to be done, such consolidated New Equity Shares shall stand vested in a trust to be set up by the Board of HDFC Bank. The CBoP scrip surged In so far punjsb New Equity Shares are concerned, the same will be distributed in dematerialized form to the equity shareholders of CBoP, provided all details relating to the account with the Depository Participant are available to HDFC Bank.
All such options to vest on hddfc of filing of the Scheme with the RBI. Such trust shall dispose of the aggregate of all such fractional holdings and distribute the net proceeds after deduction of expenses incurred to the respective Members of CBoP in proportion to their respective fractional entitlements.
HDFC Bank shall, under the provisions of the Scheme, be deemed to be authorized to execute any such writings on behalf of CBoP and to implement or carry out all such formalities or compliances referred to hereinabove on part of CBoP to be carried out or performed after the Effective Date.
Sources said, the HDFC group had acquiition more ambitious deal in mind: Defunct banks of India Banks established in establishments in India. It is expressly provided that, the provident fund, superannuation fund or any other special scheme sfund bano created or babk for the benefit of the employees of CBoP, on and from the Effective Date, shall stand transferred to HDFC Bank and HDFC Bank shall stand substituted for CBoP for all purposes whatsoever relating to the administration or operation of such schemes or funds or in relation to obligations to make contributions to the said schemes or funds in accordance with the provisions of such schemes or funds as per the terms provided in the respective trust deeds or other documents to the end and intent that all rights, duties, powers and obligations of CBoP in relation to such funds or schemes shall become those of HDFC Bank.
Centurion had a network of ten branches, which grew to 29 branches the next year. Fed cuts interest rates by 0. Stock trading could be injurious to your health.
Centurion Bank of Punjab – Wikipedia
Choose your reason below and click on the Report button. Expenses towards the joint valuation shall be borne by the Parties equally. Woes of the West should not worry us: Centurion Bank of Punjab Limited. HDFC Bank shall record for the deferred tax asset, pnujab any, with respect to provision. The combined bank took as its name Centurion Centuriom of Punjab.
Centurion Bank of Punjab to merge with HDFC Bank
Centurion Bank was incorporated on 30 June and received its certificate fo Commencement of Business on 20 July. All applicable fringe benefit tax shall be borne by and paid by the respective employees. This will alert our moderators to take action.
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