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IDBI,
IDBI Bank share swap ratio at 100:142
Our
Banking Bureau
21 January 2005
 Mumbai:
The shareholders of IDBI Bank will get 100 shares of IDBI
for every 142 shares held by them. The boards of IDBI
and IDBI Bank approved the share swap ratio for the merger
on Thursday.
IDBI
will transfer 2.5 per cent of its shareholding in IDBI
Bank to a trust in order to give value to IDBI's shareholders,
said M Damodaran, chairman, IDBI.
IDBI
will extinguish the balance shares held by it in IDBI
Bank. The central government holding in the merged entity
will be at 51.4 per cent, he told reporters, on the sidelines
of the board meetings here.
IDBI's
holding in the bank at the end of December 2004 quarter
was 55.33 per cent, while SIDBI held 13.83 per cent. The
amalgamation will be with retrospective effect from October
1,  2004,
and the process is expected to be completed by March 31,
2005. "We need to recast the balance sheet of IDBI
for the six-month period," Damodaran said.
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