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BoB, Dena Bank, Vijaya Bank merger on 1 April

The proposed three-way merger between Bank of Baroda, Dena Bank and Vijaya Bank will be effective 1 April. Bank of Baroda said in a statement to the stock exchanges that the government’s amalgamation plan has already got all the necessary approvals from the regulators concerned and the bank’s board in a recent meeting also decided to issue and allot equity shares to Vijaya Bank and Dena Bank on 11 March. It added the scheme has been named as ‘Amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda’ and it shall come into force on the 1st day of April 2019. As per the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of Bank of Baroda for every 1,000 shares held. Similarly, the shareholders of Dena Bank will receive 110 equity shares of Bank of Baroda for every 1,000 equity shares held. As per the approved plan, after the commencement of the amalgamation scheme, the boards of Vijaya Bank and Dena Bank will stand dissolved. Any whole-time director, including the managing director, of the Vijaya Bank and Dena Bank, shall cease to hold office and shall be entitled to receive salary and allowances in lieu of the notice in accordance with the applicable law, the statement said. The entire share capital of Vijaya Bank and Dena Bank, without any further act, deed or instrument, will stand cancelled, it said, adding that the shares of both these banks will also stand delisted from stock exchanges.

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