On Wednesday the leading PSB Bank of Baroda said thee merger of Dena Bank and Vijaya Bank with itself will be effective from April 1, 2019 as per the scheme of amalgamation approved by the central government.

Also, March 11 has been kept as the record date for the issuance of Bank of Baroda shares to the shareholders of Dena and Vijaya Bank.

In accordance with the terms of amalgamation, for every 1,000 shares of Vijaya Bank, shareholders will be entitled to get 402 shares of BoB and likewise in the case of 1000 shares of Dena Bank, shareholders will get 110 shares of BoB.

The amalgamation will result in the creation of the third largest banking entity after SBI and ICICI Bank.

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