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1:1 swap for IndusInd Bank, IEFL merger

By Our Staff Correspondent

MUMBAI AUG. 22. The board of directors of IndusInd Bank (IBL) and IndusInd Enterprises & Finance (IEFL) have, at their respective meetings approved a scheme of amalgamation of IEFL with IBL.The boards have agreed on a swap ratio of one share of IBL to be issued for each share of IEFL (1:1). The share exchange ratio is based on the recommendations of SBI Capital Markets and A. F. Ferguson & Co who conducted the feasibility study on the merger proposal and act as independent valuers. The appointed date for the merger is proposed to be April 1, 2002.

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