Centurion BoP BoD okays Lord Krishna Bank merger

New Delhi, Aug 19 (UNI) Centurion Bank of Punjab today said its board in-principle accorded approval to the merger of the Kerala-based unlisted Lord Krishna Bank Ltd with the bank.

The consent to pursue the merger, however, is subject to satisfactory due diligence, a fair share swap ratio and receipt of approvals from the Reserve Bank of India, stock exchanges and other requisite statutory and regulatory authorities as well as the respective boards and shareholders.

Sources say both the companies are confident of getting the critical RBI approval.

Ambit Corporate Finance Pte Ltd and DSP Merrill Lynch have been appointed investment bankers of the bank and Lord Krishna Bank respectively in this transaction.

N M Raiji&Co, Chartered Accountants and Deloitte Haskins&Sells, Chartered Accountants have been jointly appointed as the independent valuers to determine the share swap ratio.

The board will meet again on September 4, 2006 to consider the terms of the merger and other related documents after receipts of the valuation reports.

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