Government of India sanctions IDBI-UWB Scheme of Amalgamation

Industrial Development Bank of India Ltd (IDBI) has announced that the Government of India has sanctioned the Scheme of Amalgamation of The United Western Bank Ltd (UWB) with the Bank (the Scheme) and specified October 03, 2006 as the prescribed date i.e. the date on which the Scheme will come into force.

In terms of sub-paragraph [5] of Paragraph 6 of the Scheme, the Bank shall make an upfront payment in cash of Rs 28/- in respect of every fully paid up share in the United Western Bank Ltd to the members of that Bank, who were, as on the prescribed date, registered as Shareholders of the United Western Bank Ltd. It is proposed to make the payment to all the Shareholders after ascertaining their entitlement at earliest in order to facilitate determination of shareholders of the United Western Bank Ltd entitled to receive the payment.

Source : Equity Bulls

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