Lord Krishna Bank to merge with Centurion Bank of Punjab

Centurion Bank of Punjab Ltd has announced that the Board of Directors of the Bank at its meeting held on August 19, 2006, has considered, in-principle, a merger of Lord Krishna Bank Ltd with the Bank. The Board has accorded in-principle consent to pursue the merger, subject to satisfactory due diligence, a fair share swap ratio and receipt of approvals from the Reserve Bank of India, Stock exchanges and other requisite statutory and regulatory authorities and the respective Boards and shareholders.

Ambit Corporate Finance Pte Ltd and DSP Merrill Lynch are the investment bankers of the Bank and Lord Krishna Bank respectively in this transaction.

M/s. N M Raiji & Co., Chartered Accountants and M/s. Deloitte Haskins & Sells, Chartered Accountants have been jointly appointed as the independent valuers to determine the share swap ratio.

The Board intends to meet again on September 04, 2006 to consider the terms of the merger and other related documents after receipts of the valuation reports.

Source : Equity Bulls

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