Merger of Centurion Bank of Punjab and HDFC Bank • Altaf Hussain Siddiqui • Rahul Dhandania • Pankaj Singh • Vikram Duggal • Rajendra. created value to the shareholders. Hence this study of the merger of Centurion Bank of Punjab with HDFC bank. Keywords: Banks, Merger and Acquisition, EVA. Scheme of Amalgamation of Centurion Bank of Punjab Limited with HDFC Off.: HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai
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Any declaration or payment of dividend inconsistent with past practice and outside the ordinary course shall be subject to the prior approval of the Board of Directors of each of HDFC Bank and CBoP, and in accordance with applicable Law.
Views Read Edit View history. Any holding of shares or debt by either bank in the other bank shall stand cancelled. Retrieved from ” https: Centurion Bank of Punjab is one of the leading new generation private sector banks in India.
The determination by the RBI as to the value of the shares to be paid to the dissenting Member shall be final and binding on such dissenting shareholders for all purposes. To see your saved stories, click on link hightlighted in bold. The bank listed its shares on the major Indian stock exchanges and on the Luxembourg Stock Exchange.
Get instant notifications from Economic Times Allow Not now. Expenses towards the joint valuation shall be borne by the Parties equally. All the post dated and other cheques issued in favour of CBoP which are un-encashed or outstanding upon the coming into effect of the Scheme shall be encashed by HDFC Bank on or after the due date which shall be entitled to the proceeds thereof, as if such post dated cheques have been drawn and made in favour of HDFC Bank.
HDFC Bank and CBoP shall be entitled to declare or pay dividends, whether interim or final, to their respective equity shareholders in respect of the accounting period prior to the Effective Date, such that the total payout is broadly in line with past payout percentages in the ordinary course.
Centurion Bank of Punjab merges with HDFC Bank – Banknet India
The bank’s competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Interestingly, the HDFC scrip slipped 3. The shortfall, if any, in the banl of a deficit, occurring whilst giving effect to the adjustments hereinabove, shall be debited to General Reserve.
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Over the last 13 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality. Centurion Bank of Punjab now operates on a strong nationwide franchise of branches and Od in locations across the country, supported by employee base of over 7, employees.
The transfer of properties and liabilities under Clause 4 above and the continuance of proceedings by or against CBoP shall not affect any transaction or proceedings already concluded by CBoP until the Effective Date, to the end and intent that HDFC Bank accepts and adopts all acts, deeds and things done and executed by CBoP in respect thereto as done and executed on behalf of itself.
Total balance sheet size ,erger grew by Panajias Centurion bank. This will alert our moderators to take action. Upon the coming into effect of the Scheme and with effect from the Appointed Date: From Wikipedia, an free encyclopedia.
Centurion Bank of Punjab to merge with HDFC Bank
There was a lock-in period for these shares. Woes of the West should not worry us: HDFC Bank shall record for the mergef tax asset, if any, with respect to provision.
The bank serves individual consumers, small and medium businesses and large corporations with a full range of financial products and services for investing, lending and advice on financial planning.
For the year ended March 31,the bank reported a net profit of INR HDFC has a Foul language Slanderous Inciting hatred against a certain community Others. The share-swap deal, worth over Rs 10, crore, may be worked around the current market price of Rs 57 merrger share of CBoP.
My Saved Articles Sign in Sign up. This page was last edited on 14 Juneat Such trust shall dispose of the aggregate of all such fractional holdings and distribute the net proceeds after deduction of expenses incurred to the respective Members of CBoP in proportion to their respective fractional entitlements.
By George Smith Alexander. India Inc to face difficulty in fund raising. While last time it fell through on valuation merter, what has worked fenturion time is the personal equation between the top brass adn the two banks.
Centurion Bank of Punjab Limited. Mr Bhandari will join the board of the new bank while Rana Talwar is likely to be its non-executive chairman. Upon the Scheme becoming effective, the following stock options granted by CBoP shall stand vested on an accelerated basis: Will be displayed Will not be displayed Will be displayed. All such options to vest on date of filing of the Scheme with the RBI. Get instant notifications from Economic Times Allow Not now You can switch punajb notifications anytime using browser settings.
No decision of the Integration Committee shall be valid unless taken unanimously. The combined bank took as its name Centurion Bank of Punjab.