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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.

domain-B's currency converter - check it outThe 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.

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PNB all set to take over Nedungadi Bank