Corp Bank board approves equity share exchange ratio for amalgamation

The board of directors of Corporation Bank has approved the equity share exchange ratio for the amalgamation of Corporation Bank with Union Bank of India. The bank informed stock exchanges on Thursday that the board meeting on March 5 approved the equity share exchange ratio at 330 equity shares of the face value of ₹10 each fully paid-up in Union Bank of India for every 1,000 equity shares of the face value of ₹2 each fully paid-up held in the Corporation Bank as on the record date.

It said March 23 has been determined as ‘record date’ for issuing and allotting equity shares of Union Bank of India to the shareholders of Corporation Bank. The board also approved the constitution of an ‘expert committee’, headed by Justice SD Pandit, Retired Judge of Gujarat High Court, to give recommendation to address the grievances / objections, if any, of minority shareholders, in relation to the share exchange ratio.

Giving timelines for the submission of objections by minority shareholders, the bank informed the stock exchanges that March 6 is the date for publication of notice specifying the manner to raise objections in newspapers and Corporation Bank’s website.

It said that the written objections by minority shareholders can be filed latest by 5 pm on March 12.