PSB merger: Indian Bank announces equity exchange ratio with Allahabad Bank

The government had in August last year announced plans to merge 10 public sector banks (PSBs) into four

Indian Bank on Thursday announced a fair equity share exchange ratio of 115 equities of Rs 10 each for every 1000 shares of Rs 10 of Allahabad Bank as part of the amalgamation of the latter in the Bank. The record date for the issue of equity shares of the Bank to the shareholders of Allahabad Bank is fixed as March 23, 2020.

The Board of Directors, in a meeting, approved that the share exchange ratio, subject to statutory and regulatory approvals. A grievance redressal committee headed by retired Judge of Madras High Court, Chitra Venkataraman was formed to address