The Central Government has announced amalgamations of the following banks:
1. United Bank of India and Oriental Bank of Commerce into Punjab National Bank
Refer to this exchange notification
Ratio - 121 equity shares of Rs. 2/- each of Punjab National Bank for every 1000 equity shares of Rs. 10/- each of United Bank of India, and 1150 equity shares of Rs. 2/- each of Punjab National Bank for every 1000 equity shares of Rs. 10/- each of Oriental Bank of Commerce
Record Date - 25th March, 2020
2. Allahabad Bank into Indian Bank
Refer to this exchange notification
Ratio - 115 equity shares of Rs. 10/- each of Indian Bank for every 1000 equity shares of Rs.10/- each of Allahabad Bank
Record Date - 23rd March, 2020
3. Syndicate Bank into Canara Bank
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Ratio - 158 shares ofRs. 10/- each of Canara Bank for every 1000 shares of Rs. 10/- each of Syndicate Bank
Record Date - 23rd March, 2020
4. Andhra Bank and Corporation Bank into Union Bank
Refer to this exchange notification
Ratio - 325 shares of RS. 10/- each of Union Bank for every 1000 shares of Rs. 10/- each of Andhra Bank, and 330 shares of Rs. 10/- each of Union Bank for every 1000 shares of Rs. 2/- each of Corporation Bank
Record Date - 23rd March, 2020
How do the mergers affect you?
The shares of the transferor banks (banks getting merged) held as on record date in your demat account will be eligible to be converted into shares of respective transferee banks in the above-mentioned ratios. The banks getting merged will be suspended from trading on the ex-date (one trading day before the record date). The shares of the transferee bank may take 15-20 days to get credited to your demat account by the RTA.
Any holdings which leads to fractional allotment of shares will be settled in cash by the transferee bank. You will receive a cheque or ACH bank deposit for this amount from your company’s’ RTA ( Registrar and Transfer Agent).
