United Western Bank – Draft Scheme of Amalgamation with IDBI
United Western Bank Ltd has informed BSE that subsequent to the Order of Moratorium dated September 02, 2006, the RBI on September 12, 2006 has placed in Public Domain a Draft Scheme of Amalgamation of Bank with Industrial Development Bank of India Ltd (IDBI).
As per the Draft Scheme both Banks have been given time upto September 27, 2006 to consider the Draft Scheme. The Scheme inter alia provides that "The Transferee Bank shall make an upfront payment in cash of Rs 28/- in respect of every fully paid up share of the Transferor Bank".
The Draft Amalgamation scheme is available on RBI Website – www.rbi.org.in
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