The board of Bank of Baroda (BoB) on Wednesday approved the swap ratio for the proposed merger of Vijaya Bank and Dena Bank with itself..
As per the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held.
In case of Dena Bank, its shareholders will get 110 shares for every 1,000 shares of BoB.
The bank also decided to set up a grievance redressal committee to address the grievances of minority shareholders, BoB said in an exchange filing.
"A grievance redressal committee headed by Shri Kode, retired judge of Mumbai High Court, has been set up to address the grievances of minority shareholders (Minority shareholders are those shareholders who either (a) individually or collectively hold at least 1 percent of the total paid up equity capital of any of Bank of Baroda, Vijaya Bank or Dena Bank; or (b) are 100 shareholders acting collectively, of any of Bank of Baroda, Vijaya Bank or
Dena Bank)," the bank said.
In September, the government announced the merger of Vijaya Bank and Dena Bank with Bank of Baroda. The merged entity will have a combined business of Rs 14.82 lakh crore, making it the third-largest bank after State Bank of India and HDFC Bank.