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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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.
In so far as New Equity Shares are concerned, the same will be distributed in dematerialized form to the equity shareholders of CBoP, provided all details relating to the account with the Depository Participant are available to HDFC Bank. HDFC Bank and CBoP may pending sanction of the Scheme by RBI make or assent, from time to time, on behalf of all persons concerned to any modifications or amendments to the Scheme or to any conditions or limitations which the RBI or any other relevant or concerned authority under Law may direct or impose or which may otherwise be considered necessary, and may do and execute all acts, deeds, instruments, matters and things necessary for putting the Scheme into effect, or for the purpose of better structuring and effective implementation of the Scheme.
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. 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. The Scheme has been sanctioned in exercise of the powers contained in Sub-section 4 of Section 44A of the Banking Regulation Act, The face value of these shares were at Re 1.
Centurion had a network of ten branches, which grew to 29 branches the next year. Sources said, the HDFC group had a more ambitious deal in mind: Centurion Bank of Punjab Limited. With effect from the Appointed Date and upon the Scheme becoming effective, any loans or other obligation including any guarantees, letter of credit, letters of comfort or any other instrument or arrangement which may give rise to a contingent liability in whatever formdue between or amongst CBoP and HDFC Bank, if any, shall stand discharged and there shall be no liability in that behalf on either party.
Fed cuts interest rates by 0. For the year ended March 31,the bank reported a net profit of INR With effect from the Appointed Date and upon the Scheme becoming effective, all the Liabilities of CBoP shall without further act, instrument or deed also be and stand transferred or deemed to be transferred to HDFC Bank, so as to become the debts, liabilities, duties, undertakings and obligations of HDFC Bank and further that it shall not be necessary to obtain the consent of any third party or other person who is a party to any contract or arrangement by virtue of which such debts, liabilities, duties and obligations have arisen in order to give effect to the provisions of the Scheme.
Each Party shall bear its own hffc and expenses in respect of all matters arising out of, or in connection with, this Scheme unless otherwise expressly agreed in writing. 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 mfrger respect thereto as done and executed on behalf of itself.
HDFC Bank, Centurion Bank of Punjab merger swap fixed at – BUSINESS – The Hindu
My Saved Articles Sign in Sign up. This merger has further strengthened the geographical reach of the Bank in major towns and cities across the country, especially in the State of Kerala, an addition to its existing dominance in the northern part of the country.
The balance sheet size of the combined entity would be over Rs. To see your saved stories, click on link hightlighted in bold. Defunct banks of India Banks established hfdc establishments in India. Total balance sheet size too grew by The Integration Committee and each sub-committee shall comprise at least one employee from each Party. Anv the Scheme becoming effective, the following stock options granted by CBoP shall stand vested on an accelerated basis: Holders of global depository receipts with the equity shares of CBoP being the underlying securities shall become entitled to global depository receipts of HDFC Bank with the underlying securities being the New Equity Shares in the proportion of one equity share of Rs.
HDFC Bank, Centurion Bank of Punjab merger swap fixed at 1:29
Interestingly, the HDFC scrip slipped 3. These shares were to be released at a Get instant notifications from Economic Times Allow Not now You can switch off notifications anytime using browser settings. This page was last edited on 14 Juneat CBoP shall be deemed to have carried on all 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 hdc HDFC Bank; and.
Nothing contained herein shall restrict the issuance of equity shares of CBoP bxnk exercise of the stock centurioon and. Extent of Accelerated Vesting. This will alert our moderators to take action Name Reason for reporting: Additionally the bank offers a full suite of NRI banking products to overseas Indians.
Upon the New Equity Shares being issued and allotted to the shareholders of CBoP, the shares held by the said Members of CBoP, whether in the physical form or in the dematerialized form, shall be deemed to have been automatically cancelled and be of no effect, without any crnturion act, deed or instrument. The bank’s competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response fo. Type of Stock Option.
Over the last 13 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality. While last time csnturion fell through on valuation reasons, what has worked this time is the personal equation between the top brass of the two banks.
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 meeger the case may be, shall be binding cdnturion all persons connected herewith or otherwise interested in the Scheme.
Within a relatively short span of time, the bank has emerged mergger a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments. Reserve Bank of India. Fill in your details: The transfer and vesting of Liabilities, as aforesaid, shall be subject to subsisting charges, if any, in respect of any Assets. About Centurion Bank of Punjab: 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 punnjab 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.
The shortfall, if any, in the event of a deficit, occurring whilst giving effect to the adjustments hereinabove, shall be debited to General Reserve. kerger