The four anchor banks PNB, Union Bank, Canara Bank, and Indian Bank approved mergers of the other 6 PSBs and issued share-swap ratios for the proposed mergers. The details of share-swapping are as under.
PNB: 1150 share of PNB for every 1000 shares of OBC
121 shares of PNB for every 1000 shares of United Bank
Union Bank: 325 shares of Union Bank for every 1000 shares of Corporation Bank and 330 shares of Union Bank for every 1000 shares of Andhra Bank
Canara Bank: 158 shares of Canara Bank for every 1000 shares of Syndicate Bank
Indian Bank: 115 of Indian Bank for every 1000 shares of Allahabad Bank
A Grievance Redressal Committee headed by Vijay Kumar Vyas, a retired judge of Rajasthan High Court, has been set up to address the grievances of shareholders of PNB, OBC or UBI. The committee is intended to address those shareholders who either individually or collectively hold at least 1% of the equity capital of any of PNB, OBC or UBI; or 100 shareholders acting collectively, of any of PNB, OBC or UBI. For Canara Bank and Syndicate Bank, an expert committee (Grievance Redressal Committee ) is to be headed by K.N. Keshavanarayana, a former judge of the High Court of Karnataka, to address the grievances of minority shareholders.
Source: The Hindu
