The Hindu Business Line : No new shares for GTB shareholders

Following the scheme of amalgamation of erstwhile Global Trust Bank Ltd with itself, Oriental Bank of Commerce has decided to treat the entire amount of the paid-up capital and reserves of GTB as provision for bad and doubtful debts and depreciation in other assets of the bank.

Further, OBC has informed the stock exchanges, that no swap ratio was fixed in the scheme and the shareholders of GTB would not get any new shares in lieu of the GTB shares held by them.

In terms of the scheme of amalgamation, the aggregate amount representing the value of the assets determined as readily realisable assets of GTB would be credited to the asset account. The surplus amount, if any, after appropriating towards the liabilities of the GTB, would be distributed pro-rata amongst the shareholders of eGTB after the expiry of 12 years from the prescribed date (August 14, 2004) or such earlier period as the Government might specify for this purpose.

More Stories on : Stocks | Oriental Bank of Commerce

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Not the road to Shangri-la

Rupee dips on dollar buying

No new shares for GTB shareholders

Indiabulls Q4 net at Rs 80 cr

SEBI to issue rules soon for unified bonds exchange

ZonesCorp launches infrastructure fund

G-sec auctions fully subscribed

Marginal rise in bond prices

South Indian Bank recovers Rs 161-cr NPAs

Call rates remain stable

KfW to grow India portfolio to 3 b euros

New NHB CMD