The Hindu Business Line : Mandvi, Saraswat Bank swap at 1:1

Mumbai April 4 The shareholders of Mandvi Co-operative Bank will get one share of Saraswat Bank for every share held in Mandvi. If the Mandvi shareholder wants to quit, he will be paid Rs 45 per share by the Saraswat Co-op Bank, said a senior official of Saraswat Co-op Bank.

The Saraswat Co-operative Bank has acquired Mandvi Co-operative Bank effective April 1 and the banks had signed a memorandum of understanding (MoU) five months ago.

The merged entity will have total deposits of Rs 8,889 crore, while total advances will amount to Rs 6383.43 crore. The merged entity will have a total of 105 branches.

More acquisitions

Saraswat Bank is also looking to acquiring five more co-operative banks. The bank has signed MoUs with two sick co-operative banks, namely Annasaheb Karale Bank and Murghrajendra Sahakari Bank in Sangli having eleven branches each.

More Stories on : Mergers & Acquisitions | Stocks | Co-operatives

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

Stories in this Section
Rupee breaches 43-level

LIC Housing hikes lending rates

ICICI Pru Life hikes capital by Rs 245 cr

IOB branch opened

EPF scheme amended to ensure interest payment at retirement

`Hike in interest rate will hit Tirupur knitwear exporters'

Bond prices gain

Hike in risk weights, a more tangible tool

Mandvi, Saraswat Bank swap at 1:1

PNB gets UK nod to operationalise arm

`RBI measures won't impact inflation much'

Pension reforms

Vijaya Bank posts 39% growth