SGM of Prabhu bank endorse merger with Grand bank; Swap ratio fixed at , Prabhu:Grand, 121.45:65.58

The Special General Meeting of Prabhu Bank Limited (PRVU) has endorsed its merger with Grand Bank Limited (GRAND). After the merger the merged entity will have the name of Prabhu Bank Limited. The BoD of Prabhu Bank will not change after the merger with Grand Bank. Hence, the existing BoD will continue the working tenure. The swap ratio for the merger has been fixed at 121.45:65.58 which means the shareholders holding 100 units of Prabhu Bank shares will get  21.45 shares in premium, and the shareholders holding 100 units of Grand Bank will get 65.58 shares of Prabhu Bank. Amit Bhandari, Company Secretary of Prabhu Bank said, “most probably a separate book closure for the 21.45% premium will not be published. Only the shareholders holding the shares of Prabhu Bank before the trading halt will be provided the premium.” The trading will resume after the joint operation, so to the latest trading can resume by Magh/Falgun, added Bhandari.