State
owned Bank of Baroda share price surged for a third consecutive
session today. The stock was quoting at Rs.129.95, up 6.91% intraday
post lunch hours of trade on the NSE, while the benchmark NIFTY went
up 108 points or 0.95% on the day, quoting at 11553.55 and the Sensex
at 38498.72, up 365 points or 0.96%. At the same time, the Nifty Bank
index rose 6.38% at 30,400.60 with major gains in bank of Baroda.
Bank
of Baroda stock has gained near 18.75% in last one month. The
buzzing of the stock driven as govt has decided to infuse Rs5042
crore into Bank of Baroda ahead of merger of two other public sector
banks viz Dena Bank & Vijaya Bank with Bank of Baroda.
The
amalgamation of Dena Bank & Vijaya Bank with Bank of Baroda would
be effective from first April, 2019.
As
per the Scheme of merger, VijayaBank’s shareholders will get 402
equity shares of Bank of Baroda for every 1000 shares held. In the
case of Dena Bank, its share-holders would get 110 shares for every
1000 shares of Bank of Baroda.
The govt in Sept-2018 had announced the amalgamation/merger of Vijaya Bank and Dena Bank with Bank of Baroda, aiming to make the 3rd-largest lender after State bank of India and ICICI Bank.
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