India HDFC Bank offers 1 share for 29 in Centurion
MUMBAI, Feb 25 (Reuters) - HDFC Bank (HDBK.BO: Quote, Profile, Research, Stock Buzz), India's third-biggest lender by market value, said on Monday its board had approved a share swap ratio of one share for every 29 held in Centurion Bank of Punjab Ltd. CENB.BO.
HDFC Bank said on Saturday it would take over its smaller rival in an all-share deal that would be India's biggest financial sector buyout.
HDFC Bank also said on Monday its board would consider making a preferential offer to its founder Housing Development Finance Corp Ltd (HDFC.BO: Quote, Profile, Research, Stock Buzz). It will be considered at a board meeting on Thursday. (Reporting by Devidutta Tripathy)
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