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S&P
BSE SENSEX
74,401.51
+62.07
+0.08 %
Corporate Announcement
Security Code
500315
Company
ORIENTAL BANK OF COMMERCE
Exchange Received Time
19/03/2020 17:21:45
Exchange Disseminated Time
19/03/2020 17:21:54
Time Taken
00:00:09
Amalgamation Of Oriental Bank Of Commerce And United Bank Of India Into Punjab National Bank |
3/19/2020 5:21:45 PM
Further to our communication dated 05.03.2020 wherein the Share Exchange Ratio of 1150 equity shares of Rs.2/-each of PNB for every 1000 equity shares of Rs.10/-each of OBC as approved by the Board of Directors was notified.
In this context, we wish to state that in terms of Sub Para (6) of Para 6 of Amalgamation of Oriental Bank of Commerce and united Bank of India into Punjab National Bank Scheme, 2020 notified by the Government of India, an Expert Committee i.e. Grievance Redressal Committee was set up to address the grievances/objections of shareholders and submit a Report to the Board of Directors to address the grievances/ objections raised by the shareholders who were eligible as per the Scheme.
The Committee has since submitted its'' Report which has been considered by the Board of Directors of the Bank on 19th March 2020 and it has been decided that no change is required in the Share Exchange Ratio (stated above) as approved by the Board.
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