HDFC Bank, CBoP Boards approve share-swap ratio at 1:29

Mumbai, Feb 25 (UNI) The Boards of private sector lenders HDFC Bank and Centurion Bank of Punjab (CBoP) have approved the share-swap ratio at 1:29 for the proposed merger.

Both the Banks after their scheduled board meeting today, informed the BSE that the board has approved the share-swap ratio of 1 equity share of Rs 10 each of HDFC Bank for every 29 equity shares of Re 1 each held in Centurion Bank of Punjab.

The board observed that in the event of the merger of Centurion Bank of Punjab with HDFC Bank being approved at its meeting on February 28, ''it would consider making a preferential offer to its promoter Housing Development Finance Corporation (HDFC) to enable it to maintain its shareholding percentage in the Bank,'' a release said.

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