Indian Bank allots 520.5 mn shares to Allahabad Bank shareholders

Indian Bank has on Wednesday allotted 520.56 million equity shares of face value of Rs 10 each at approved Share Exchange Ratio to the equity shareholders of Allahabad Bank following the amalgamation of Allahabad Bank into Indian Bank.

The bank is in the process of filing listing applications with the stock exchanges and the aforesaid equity shares will either be credited to the Demat Accounts or Share Certificates will be despatched to the eligible shareholders of Allahabad Bank.

According to the Amalgamation Scheme, Bank accounts of eligible shareholders of Allahabad Bank as registered with the Depositories or Bank will either be credited or fractional warrants will be issued for the amount arising out of fractional entitlements.