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img    Amalgamation of Andhra Bank and Corporation Bank into Union Bank of India

 

Amalgamation Scheme :

The Central Government in exercise of the powers conferred by Section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980 after consultation with the Reserve Bank of India has notified the Amalgamation of Andhra Bank and Corporation Bank into Union Bank of India Scheme, 2020 ("Amalgamation Scheme") vide gazette notification dated March 4, 2020. It shall come into force on April 1, 2020. Please click here to download the copy of the Scheme.

Share Exchange Ratio :

The Board of Directors of the Transferee Bank and Transferor Banks at their meeting held on March 5, 2020 have approved the following Equity Share Exchange Ratio for amalgamation of Andhra Bank and Corporation Bank into Union Bank of India :

  • a) 325 equity shares of the face value of Rs.10 each fully paid up in Union Bank of India for every 1,000 equity shares of the face value of Rs.10 each fully paid up held in the Andhra Bank as on the record date.
  • b) 330 equity shares of the face value of Rs.10 each fully paid up in Union Bank of India for every 1,000 equity shares of the face value of Rs.2 each fully paid up held in the Corporation Bank as on the record date.
Further, informed that as per the provisions of Amalgamation of Andhra Bank and Corporation Bank into Union Bank of India Scheme, 2020, the Expert Committee, headed by Shri Justice S. D. Pandit, Retired Judge of Gujarat High Court along with independent members nominated by Transferor Banks has submitted its report to the Board of Directors of the Transferor Banks and Transferee Bank to address the objections of minority shareholders in relation to the Share Exchange Ratio. The Board of Directors of our Bank at its meeting held on March 17, 2020 has considered the report of the Expert Committee and decided that no change is required in the Share Exchange Ratio approved by the Board of Directors of Transferor Banks and Transferee Bank in their respective meetings held on March 5, 2020.

Record Date :

The ‘Record Date’ for issuing and allotting equity shares of the Union Bank of India to the shareholders of Andhra Bank and Corporation Bank is March 23, 2020.

Allotment Date : April 1, 2020

Allotment of Shares :

The Board of Directors of the Union Bank of India has approved allotment of 2,98,40,25,503 equity shares to the shareholders of Andhra Bank and Corporation Bank. The Bank is in the process of listing of equity shares with BSE & NSE and the equity shares will be credited into demat accounts of the shareholders post receipt of final listing approval from the Stock Exchanges.

Further, due to non-availability of postal services pursuant to lockdown due to COVID-19, the dispatch of physical share certificates is not currently possible. The same will be dispatched as soon as the postal services are reopened.

Fractional Payment :

As per the Amalgamation Scheme, no fractional shares will be issued by the Union Bank of India in respect of fractional entitlements, if any, to any shareholder of the Transferor Banks and cash equal to the value of such fractional share determined in accordance with the valuation of the shares of the Transferee Bank i.e. Rs.71.60 per share will be made by warrant/NEFT/NACH/NECS etc. to the shareholders of Andhra Bank and Corporation Bank.

For any further details, please send an email to :
investorservices@unionbankofindia.com or
ubiinvestors@datamaticsbpm.com
Equity Share Exchange Ratio and Record Date for amalgamation of Andhra Bank and Corporation Bank into Union Bank of India
Newspaper Notice regarding formation of Expert Committee for dealing with grievances/objections of shareholders
Notice – Expert Committee for dealing with grievances/objections of shareholders
Annexure – I Format for filing written objections
Annexure – II Valuation Report - Andhra Bank & Union Bank of India
Annexure – III Valuation Report – Corporation Bank & Union Bank of India
Annexure – IV Fairness Opinion – Andhra Bank & Union Bank of India
Annexure – V Fairness Opinion – Corporation Bank & Union Bank of India

 


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