BANKPUNJAB

Bank Of Punjab Ltd has informed the Exchange that the Scheme of Amalgamation of Bank of Punjab Limited with Centurion Bank Limited has been approved by the Reserve Bank of India in terms of Section 44A of the Banking Regulation Act, 1949 on September 24, 2005. The Scheme shall be effective from October 01, 2005. In terms of the Scheme, Centurion Bank Limited will issue 23,62,50,000 Equity Shares of Re.1/- each of Centurion Bank Limited to the shareholders of Bank of Punjab Ltd. in the ratio of 9 (nine) Equity Shares of Centurion Bank Limited of Re.1/- each for every 4 (Four) Equity Shares of R

Bank Of Punjab Ltd has informed the Exchange that the shareholders of the Bank at their AGM held on August 03, 2005, inter alia, approved the Scheme of Amalgamation of Bank Of Punjab Ltd with Centurion Bank Limited subject to the approval of the Reserve Bank of India. The said Scheme was approved by the requisite majority of shareholders as per the provisions of Section 44A(2) of the Banking Regulation Act, 1949. As per the Scheme, the share swap ratio has been fixed at 9:4, i.e. nine shares of face value of Re.1/- each of Centurion Bank Limited will be received by Bank Of Punjab Ltd's shareho

Bank Of Punjab Ltd has submitted to the Exchange the Board of Directors met on June 29, 2005 to consider and discuss the proposed amalgamation of the bank with Centurion Bank Limited. The Board approved the joint valuation report dated June 29, 2005 of M/s. N.M. Raiji & Co. and KPMG India Private Limited ("Joint Valuation Report") and the issuance to the bank's shareholders of 9 equity shares of Rs.1/- each of Centurion Bank Limited for every 4 equity shares of Rs.10/- each of the Bank of Punjab Ltd. The Board approved the notice and explanatory statement to be sent to shareholders of the Bank

Bank Of Punjab Ltd has informed the Exchange that the Board of Directors met on June 20, 2005 to consider, in-principle, a merger between Bank of Punjab Limited and Centurion Bank Limited. The Board has accorded in-principle consent to pursue the merger, subject to a fair share swap ratio and receipt of all the requisite statutory, regulatory and corporate approvals, including approvals of the RBI, stock exchanges, the respective Boards and shareholders. Ambit Corporate Finance Pte. Limited are the sole investment bankers to this transaction. KPMG India Private Limited and N.M.Raiji & Co. have