Centurion Bank of Punjab EGM approves amalgamation of Lord Krishna Bank

Centurion Bank of Punjab Ltd has announced that the shareholders at the Extra Ordinary General Meeting (EGM) of the Bank held on September 30, 2006, have approved the following:

1. Scheme of Amalgamation of Lord Krishna Bank Ltd with the Bank

The shareholders approved the Scheme of Amalgamation of Lord Krishna Bank Ltd (LKB) with the Bank subject to the approval of the Reserve Bank of India. The proposal was approved by the requisite majority as per the provisions of Section 44A of the Banking Regulation Act, 1949.
2. The following items were also approved by way of Special Resolutions:

i. Amendment in Articles of Association

Amendment in Article 95 of the Articles of Association of the Bank for increasing the number of Directors on the Board from 12 to 15, subject to the approval of the Central Government.

ii. Issue of equity shares on Preferential Basis

(a) Issue of up to 9,50,00,000 fully paid up equity shares of the face value of Re 1/- each at a price of Rs 24.54 per share (including premium of Rs 23.54 per share) to Bank Muscat (SAOG).

(b) Issue of up to 7,50,00,000 fully paid up equity shares of the face value of Re 1/- each at a price of Rs 24.54 per share (including premium of Rs 23.54 per share) to India Advantage Fund V through its Trustees, The Western India Trustees and Executor Company Ltd and acting through its Investment Manager ICICI Venture Funds Management Company Ltd.

Source : Equity Bulls

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