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Mumbai, Feb 29 (UNI) HDFC Bank and Centurion Bank of Punjab Ltd have convened an extraordinary General Body meeting of the respective Banks on March 27 for the formal approval of one of the major merger moves in the Banking Sector in India, now on a consolidate phase.

The Centurion Bank of Punjab will hold its EGM at Panaji in Goa on that date, while HDFC has also convened an EGM on the same date, but the venue has not been mentioned.

The two bank Board have approved the merger formula of swapping one share of HDFC bank of rupees ten each for every 29 shares of one rupee each of the Centurion Bank of Punjab.

The Boards of both the banks which met separately yesterday have also approved the draft scheme of amalgamation.

The HDFC also proposed to issue 2,62,00,220 equity shares and / or other instruments like warrants convertible into equity shares, at Rs 1530.13 to Housing Development Finance Corporation Ltd and/or HDFC Investments Ltd and/or HDFC Holdings Ltd and/or Home Loan Services India Private Ltd (Promoter Group) on preferential basis pursuant to the SEBI (Disclosure and Investor Protection) Guidelines, 2000, subject to the approvals of the shareholders, Reserve Bank of India and other regulatory authorities.

The Board had also approved the increase in authorised capital from Rs 450 crore to Rs 550 crore subject to the approval of the shareholders.


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