RBI OKs Centurion Bank of Punjab and Lord Krishna Bank merger

New Delhi, Aug 28 (UNI) Centurion Bank of Punjab Ltd today said it has received Reserve Bank of India's (RBI) approval for the amalgamation of Lord Krishna Bank Ltd with itself.

The merger will be effective from August 29, 2007, a statement said.

Centurion Bank will issue up to 13.22 crores equity shares of Re one each to the shareholders of Lord Krishna Bank Ltd in the ratio of seven equity shares of Re one each of the bank for every five equity shares of Rs 10 each held by them in Lord Krishna Bank Ltd.

UNI