Mega Bank signs MoU with PDBL for merger; Swap ratio at 104.25:67, transaction halted

ShareSansar, January 29:

Mega Bank limited (MEGA) one of the growing commercial banks signs memorandums of understanding with Pachimanchal Bikas Bank Limited for merger.

Chairman of Mega Bank Limited – Prof. Dr Madan Kumar Dahal and Chairman of Paschimanchal Bikas Bank Limited (PDBL) – Mr. Durga Prasad Pandey sings an agreement in a program held yesterday.

The swap ratios was finalized at 104.25:67 which means mega bank shareholders will get extra 4.25 percent premium.

Paschimanchal Bikas Bank was planning to issue 20 percent bonus share to its shareholders but following the merger now shareholders of company won’t get any bonus share.

NEPSE has already halted both companies trading from today. Mega Bank last traded price stood Rs 395 and Pachimanchal Bikas Bank last traded price was Rs 283 as on 28th  January, 2015 in NEPSE .