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UWB board to clear amalgamation scheme by next week

Written by: Staff

New Delhi, Sep 14 (UNI) United Western Bank Ltd (UWB) today said its Board of Directors (BoD) has considered the draft amalgamation scheme.

However, the Board has felt that before communicating suggestions or objections to RBI certain issues relating to taxation, accounting procedure and others need clarification, a company statement said.

The Board has accordingly constituted a committee of Directors to list such issues.

It will meet shortly some time in next week for finalising suggestions and objections for communicating the same to RBI, statement added.

The BoD of United Western Bank (UWB) today met to take on record the draft scheme of its amalgamation with the Industrial Development Bank of India, after the RBI approved the draft merger of UWB with IDBI, which will pay Rs 150.5 crore to the shareholders of the troubled bank at a rate of Rs 28 per share.

The central bank, which had received 17 bids for the takeover of the Maharashtra-based UWB, has given time till September 27 to the boards of both the banks to clear the amalgamation scheme.


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