BoB up over 2.5%, Dena Bank plunges 18% on cabinet approval for merger

Get real time updates directly on you device, subscribe now.

BoB up over 2.5%, Dena Bank plunges 18% on cabinet approval for merger

Moneycontrol News 

Shares of Bank of Baroda (BoB) rose over 2.5 percent in early trade on January 3, whereas Dena Bank plunged nearly 20 percent and Vijaya Bank dropped nearly 7 percent.

The Cabinet on January 2 approved the merger of the three public sector banks.

The three banks agreed on fair equity share exchange ratio for shareholders, Bank of Baroda said in a statement on January 2.

Also Read: Quick Take | Mega bank merger: Swap ratio sweetens deal for BoB shareholders

Bank of Baroda said Vijaya Bank shareholders will receive 402 shares of BoB for 1,000 shares held of Vijaya Bank. Dena Bank’s shareholders will receive 110 shares of BoB for every 1,000 shares.

Bank of Baroda rose as much as 3.3 percent on the BSE, quoting at Rs 123.35.

Dena Bank plunged as much as 19.7 percent and Vijaya Bank fell as much as 7.4 percent.

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

2019-01-04 00:45:17

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

Get real time updates directly on you device, subscribe now.

Comments
Loading...

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Do NOT follow this link or you will be banned from the site!