Punjab National Bank (PNB) board approved share exchange ratio for the merger with Oriental Bank of Commerce and United Bank of India. Accordingly share swap ratio will be 1150 equity shares of Rs 2 each of PNB for every 1000 equity shares of Rs 10 each of Oriental Bank of Commerce and 121 equity shares of Rs 2 each of PNB for every 1000 equity shares of Rs 10 each of United Bank of India.
Union Bank of India has approved the share exchange ratio for a merger with Andhra Bank & Corporation Bank. Share swap ratio, as per the filing stands at 325 shares of Union Bank for every 1,000 shares of Andhra Bank & 330 shares of Union Bank of India for every 1,000 shares of Corporation Bank.
State Bank of India (SBI) said that the matter regarding buying stake in Yes Bank was discussed at the meeting of the central board of the bank on 5 March 2020 and an in-principle approval has been given by the board to explore investment opportunity in the bank.
Yes Bank was placed under a "moratorium" late yesterday (5 March 2020), with the Reserve Bank of India (RBI) capping depositor withdrawals at Rs 50,000 per account for a month and superseding the board with immediate effect. RBI assured the depositors of the bank that their interest will be fully protected and there is no need to panic.
Mahindra & Mahindra said its production fell 55.96% to 25,643 units in February 2020 from 58,231 units in February 2019. Sales declined 43.02% to 30,083 units in February 2020 from 52,799 units in February 2019.
Lupin has launched the authorized generic for Horizon Therapeutics PLC's Vimovo in the US market, which is used for the treatment of arthritis & gastric ulcers.
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