HDFC Bank to secure shareholder approval on Centurion acquisition at EGM on 27 March

Mumbai: HDFC Bank Ltd has informed the Bombay Stock Exchange (BSE) that it will hold an extra ordinary general meeting (EGM) of members of the Bank, on 27 March 2008.

On the agenda for EGM are the issues of according consent, permission and approval of the members of the bank to the scheme of amalgamation of Centurion Bank of Punjab Ltd with HDFC Bank, through a share swap ratio, as determined in the joint independent valuation report dated 25 February 2008. (See: HDFC Bank approves merger share swap ratio of 1: 29 Centurion Bank of Punjab shares)

The report has been drawn up by the bank's chartered accountants Dalal & Shah, and advisory firm Ernst and Young Pvt Ltd (E&Y). Under consideration is the allotment of one share of Rs10 each of HDFC Bank, for every 29 equity shares of Re1 each of Centurion Bank of Punjab.

Additionally, the meeting will also secure approval to increase the authorised share capital of the bank from Rs450 crore to Rs550 crore. The meeting will also discuss the offer and allotment of an aggregate of 262,00,220 equity shares or convertible instruments such as warrants convertible into equity shares, to its parent HDFC and its group companies. The instruments would be offered at a price of around Rs1,530 per share for cash, on a preferential basis.