The boards of HDFC bank and of both banks in a meeting held today.  The share swap ratio has not been decided yet.

In an official release, HDFC Bank informed that another meeting will be held on February 25 to consider the merger with due diligence and decide the share swap ratio.  The valuation reports for both stocks will be available on February 28.

The merger is subject to regulatory approvals from Reserve Bank of India shareholders of both banks and stock exchanges.

Centurion Bank of Punjab recently merged with Lord Krishna bank.  The bank has a wide network in north India and some pockets in south India.  After the merger, HDFC bank will be the third largest banking entity in India with a branch network of more than 1000 across the country.

The stock price of Centurion Bank of Punjab was lower on Friday after decent gains on Thursday.