Punjab National Bank (PNB) on Saturday said its board of directors will meet on September 5 to consider the lender's merger with Oriental Bank of Commerce and United Bank of India.
In a BSE filing, Punjab National Bank said "the meeting of board of directors of the bank is scheduled to be held on 5th September, 2019" for considering some key agenda.
The board will meet to "consider the amalgamation of the Oriental Bank of Commerce and United Bank of India into Punjab National Bank", the statement said.
Besides, it will also consider capital infusion of up to Rs 16,500 crore by the government by way of preferential issue of equity share and fixing date of extra ordinary general meeting (EGM) for obtaining shareholders' approval in this regard at a price determined in terms of SEBI (ICDR) Regulations, the bank's filing said. Meanwhile, Corporation Bank, which is going to be merged with Union Bank of India along with Andhra Bank, too said a board meeting will be held to consider the merger.