Monday, February 25, 2008

HDFC Bk, CBoP Boards okay swap ratio of 1:29

The Boards of both banks, HDFC and Centurion Bank of Punjab have okayed a swap ratio of 1 share of HDFC Bank for every 29 shares of CboP, reports CNBC-TV18.

The merger ratio has come in favour of HDFC Bank at current market price.

HDFC Bank will make a preferential issue to HDFC after the merger to maintain 23.28% stake. The merger values CBoP at Rs 50.80 per share and current market price at Rs 56.35.

Posted by crazyreader at 12:38 AM

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