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The board of Indian Bank has given its in-principle approval for its amalgamation with Allahabad Bank.
The Chennai-headquartered Indian Bank’s board held a meeting on Wednesday to discuss the merger, where it gave its in-principle approval to the merger, the bank informed the stock exchanges.
The board also approved the proposed capital infusion of up to ₹5,000 crore by the Centre through preferential allotment to the government. The Central government recently announced the merger of 10 public sector banks into four.
Indian Bank, which has a dominating share in South India, will acquire Allahabad Bank (primarily present in eastern India) to form the seventh-largest public sector bank.
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