HDFC Bank acquires Centurion for $2.4 billion

The all-share takeover of Centurion Bank of Punjab creates IndiaÆs second largest bank by number of branches, but the share-swap ratio disappoints shareholders.

HDFC Bank has acquired Centurion Bank of Punjab for Rs95 billion $2.38 billion creating IndiaÆs second largest bank measured in terms of number of branches.

The merger is an all-share deal with shareholders of Centurion being offered one HDFC Bank share for every 29 shares they hold in Centurion. The share swap ratio was announced yesterday after both parties confirmed the deal over the weekend. The ratio is subject to due diligence and the deal is subject to approval from...

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