PNB
all set to take over Nedungadi Bank
Our Banking
Bureau
11 September 2002
 New
Delhi:
Punjab National Bank (PNB) is set to take over Nedungadi
Bank .The banking division under the ministry of finance
is currently processing the application on the part of
PNB. The Reserve Bank of India’s (RBI) approval for the
takeover has already been obtained.
 The
acquisition will be as per the internal valuation done
by the RBI recently. After the internal valuation, the
central bank had restricted the Bhantias — the majority
equity-holders of the bank — from being on the bank’s
board.
Both the banks
are listed following PNB’s listing after its maiden initial
public offering in March 2002. PNB closed at Rs 43.7 on
the Bombay Stock Exchange (BSE) on 9 September while Nedungadi
Bank closed at Rs 30.5 on the BSE. PNB had a volume of
25,125  shares
on the BSE and 80,502 on the National Stock Exchange (NSE)
while a total of 5,425 shares had traded on the NSE in
the case of Nedungadi Bank and 949 shares on the BSE.
List
of reports on Punjab National Bank
List
of reports on Nedungadi Bank
|
