Bank of Baroda announces share swap ratio ahead of major merger

Bank of Baroda (BoB) Wednesday finalised the share swap ratio for the 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 the case of Dena Bank, its shareholders will get 110 shares for every 1,000 shares of BoB.

The government in September last year had announced a merger of state-owned Vijaya Bank and Dena Bank, with larger peer Bank of Baroda, aiming to create the third largest lender after SBI and ICICI Bank. Scrip of Bank of Baroda closed at Rs 119.40, down 3.16 per cent on the BSE. Vijaya Bank shares closed almost flat at Rs 51.05 apiece on BSE while that of Dena Bank at Rs 17.95.

(With inputs from agencies.)