the creation of the Centurion Bank of Punjab and later on 25 feb, HDFC Bank acquired the Centurion Bank of Punjab. (CBoP) for Rs 9, The Centurion Bank of Punjab (formerly Centurion Bank) was an Indian private sector bank that the major Indian stock exchanges and on the Luxembourg Stock Exchange. On 23 May HDFC Bank acquired Centurion Bank of Punjab. size through expansion, diversification and merger and acquisitions. The merger between HDFC Bank and Centurion Bank of Punjab (CBOP) was billed as.
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Foul language Slanderous Inciting hatred against a certain community Others.
Centurion Bank was incorporated on 30 June and received its certificate of Commencement of Business on 20 July. Views Read Edit View history.
Find this comment offensive? An order in terms of Clause Expenses towards the joint valuation shall be borne by the Parties equally.
Centurion Bank of Punjab to merge with HDFC Bank
Get instant notifications from Economic Times Allow Not now. Are you a Business Owner? This page was last edited on 14 Juneat The Integration Committee may appoint sub-committees with the consent of the Parties and delegate to such sub-committees such of its powers as it deems fit. HDFC Bank shall, under the provisions of the Scheme, be deemed to be authorized to execute any such writings on behalf banm CBoP and to implement or carry out all such formalities or compliances referred to hereinabove on part of CBoP to be carried out or performed after the Effective Date.
It is clarified for the avoidance of doubt that the Integration Committee shall not have hddfc to amend this Scheme. The respective bank boards are likely to meet on Saturday to consider the merger proposal. India Inc to face difficulty in fund raising.
From Wikipedia, the free encyclopedia. No decision of the Integration Committee shall be valid unless taken unanimously.
HDFC Bank, Centurion Bank of Punjab merger swap fixed at 1:29
The combined bank took as its name Centurion Bank of Punjab. The CBoP scrip surged Each Party shall bear its own costs and expenses in respect of all matters arising out of, or in connection with, this Scheme unless otherwise expressly agreed crnturion writing.
The share-swap deal, worth over Rs 10, crore, may be worked around the current market price of Rs 57 a share of CBoP. 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.
Upon the coming into effect of the Scheme and with effect from the Appointed Date: With effect from the Appointed Date and upon the Scheme becoming effective and subject to applicable Law and the provisions hereof all contracts, deeds, tenancies, leases, licenses or other assurances, agreements, arrangements and other instruments of whatsoever nature including any document by virtue of which security is banm in favour of CBoP to which CBoP is a party or to the benefit of which CBoP may be eligible and which are subsisting or having effect immediately before the Effective Date, shall be in full force and effect against or in favour of HDFC Bank as the case may be and all or any of the rights, privileges, obligations and liabilities of CBoP shall be transferred to and vest in HDFC Bank and may be enforced as fully and effectually as if, instead bani CBoP, HDFC Bank had been a party, beneficiary or obligor thereto.
Centurion Bank of Punjab to merge with HDFC Bank – The Economic Times
In respect of moveable assets fo CBoP other than those specified in sub-Clause 4. Options issued to key employees at an exercise price of Rs.
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.
RBI may go forward with rate cut option. In as a part of the recapitalisation, Centurion Bank had For the purpose of giving effect to the Scheme as sanctioned by the RBI, the Board of Directors of HDFC Bank may give all such directions which are not inconsistent with the provisions of the Scheme as are necessary, expedient, ancillary or desirable including directions for settling or removing any question of doubt or difficulty that may arise with regard to the implementation of the Scheme, as it thinks fit, and such determination or directions as the case may be, shall be binding on all persons connected herewith or otherwise interested in the Scheme.
The Transferor Bank and the Transferee Bank intend that pursuant to the consolidation to be effected through this Scheme, a strong bank with good branch quality, and emphasis on commercial and social banking in compliance with applicable Law and policy of the RBI, shall be created, and the consolidated bank shall be an employee-friendly institution that would be a preferred employer in the banking sector.
Bank of Punjab also had been founded in The face value of these shares were at Re 1. HDFC Bank shall give a notice by a publication in a widely circulated newspaper in India to its contract counter parties, debtors or depositees, as the case may be, that pursuant to the order of the RBI having sanctioned the Scheme, the said debt, loan, advances, etc.
Woes of the West should not worry us: The Scheme is specifically conditional upon and subject to: The transfer and vesting of Liabilities, as aforesaid, shall be subject to subsisting charges, if any, in respect of any Assets.
The biggest merger in Indian banking is about to happen. Type of Stock Option. Never miss a great news story! Fed cuts interest rates by 0.
Stock trading could be injurious to your health. Upon the Scheme becoming effective, in connection with the global depository receipts with the equity shares of CBoP being the underlying securities, the Board of HDFC Bank may take any of the following actions at its bwnk discretion: Any declaration or payment of dividend inconsistent with past practice and outside the ordinary course shall be subject to the prior cenurion of the Board of Directors of each of HDFC Bank and CBoP, and in accordance with applicable Law.
It is expressly provided that, the provident fund, superannuation fund or any other special scheme sfund s created or existing for the benefit of the employees of CBoP, on and from the Effective Date, shall stand transferred to HDFC Bank and HDFC Bank shall stand substituted for CBoP for all purposes whatsoever relating to the punjwb or operation of such schemes or funds or in relation to obligations to make contributions to the said schemes or funds in accordance with the provisions of such schemes or funds as per the terms provided in the respective trust deeds or other documents to the end and intent that all rights, duties, powers and obligations of CBoP in relation to such funds or schemes shall become those of HDFC Bank.
Holders of denturion depository receipts with the equity shares of CBoP being the underlying securities shall become entitled to American Depository Shares of HDFC Bank with the underlying securities being the New Equity Shares in the proportion of one pujjab share of Rs.
There was a lock-in period axquisition these shares. CBoP shall cdnturion deemed to have carried on acwuisition its business and activities and shall be deemed to have held and been in possession of and shall hold and be in possession of all the Assets for and on account of and in trust for HDFC Bank; and.
Retrieved from ” https: To see your saved stories, click on link hightlighted in bold. Reserve Bank of India. Upon the Scheme becoming effective, the following stock options granted by CBoP shall stand vested on an accelerated basis: These shares were to be released at a All such options to vest on date of filing of the Scheme with the RBI.