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.

CBoP merger talks with HDFC Bank

Centurion Bank of Punjab (CBoP) bank talks with some major banks for merging.HDFC is strong player for buying CBoP.

In past Centurion Bank merge with Bank of Punjab.And now find big banks for merging.
Today stock surge 14% on this news.

Centurion Bank of Punjab's major shareholders include Bank of Muscat, HSBC Finance, Saber Capital. Bank of Muscat hold the maximum equity of 14 per cent in the bank.

Record Date for Indiabulls Financial Merger and Demerger

Indiabulls Financial Services Ltd has announced that the Board of Directors of the Company at its meeting held on December 24, 2007 has fixed January 08, 2008 as the Record Date for ascertaining the list of Shareholders of Indiabulls Financial Services Ltd (the “Company” or “IBFSL”) who would be entitled to be allotted shares in Indiabulls Securities Ltd (the “Resulting Company” or “ISL”) in terms of the Scheme of Arrangement between Indiabulls Credit Services Ltd (“ICSL”), the Company and the Resulting Company for merger of ICSL with the Company and demerger of the Securities Broking and Advisory Business Undertaking of the Company to the Resulting Company, approved by the Hon’ble High Court of Delhi, New Delhi.

Further the Company has informed that certified copy of the Court order received by the Company on December 20, 2007, has been duly filed with the Registrar of Companies, NCT of Delhi & Haryana on December 24, 2007. Accordingly, December 24, 2007 is the Effective Date’ for the Scheme of Arrangement as aforesaid; Further, the Company inform that Mr. Gagan Banga has been appointed as the CEO of IBFSL and Mr. Divyesh Shah has been appointed as the CEO of ISL.

Indiabulls Credit Services Ltd (ICSL), registered NBFC (not accepting public deposits) is engaged in the Consumer finance business.

Indiabulls Financial Services Ltd (IBFSL), a public listed company, a registered NBFC (not accepting public deposits), is in the business of providing diversified Non Banking Financial Services including securities broking and advisory business services.

Indiabulls Securities Ltd (ISL), a corporate member of Bombay Stock Exchange Ltd (BSE) and National Stock Exchange of India Ltd (NSE) provides brokerage including Equities, Wholesale Debt, Futures and Options, Depository Services, Research Services, Mutual Funds and IPO distributions to its clients.

Through the Scheme of Arrangement, ICSL will get amalgamated with IBFSL and consequently issue its 3 (three) Equity Shares of Rs 2/- each for every 10 (Ten) Equity Shares of Rs 10/- each held by the shareholders of ICSL. Further, post merger of ICSL with IBFSL, the Securities Broking and Advisory Business Undertaking of IBFSL would get demerged and transferred with ISL, and consequently issue its 1 (one) Equity Share of Rs 2/- each for every 1 (One) Equity Share of Rs 2/- each held by the shareholders of IBFSL