Govt to infuse around Rs 5000 Cr into Bank of Baroda
New Delhi: The government has decided to infuse around five thousand crore rupees into state-owned Bank of Baroda ahead of merger of two other public sector lenders Dena Bank and Vijaya Bank with Bank of Baroda.
The merger of Dena Bank and Vijaya Bank with Bank of Baroda would be effective from 1st April.
The Bank of Baroda, in a regulatory filing, said that the finance ministry through its notification conveyed its decision to infuse capital of 5,042 crore rupees in the bank.
With this move, Bank of Baroda share price today rose 6.21% to 129.10 compared to the previous close of 121.55 on BSE.
The government in September last year had announced merger of Vijaya Bank and Dena Bank with Bank of Baroda, aiming to create the third-largest lender after SBI and ICICI Bank.