The union government has decided to inject around Rs. 5000 crores into Bank of Baroda. After this news was released the share price of Bank of Baroda rose 6.21% to 129.10 compared to the previous close of 121.55 on BSE.
The Bank of Baroda, in a regulatory filing, said that the finance ministry through its notification conveyed its decision to infuse a capital of 5,042 crore rupees in the bank. This move comes just ahead of merger of two other banks with Bank of Baroda.
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. The merger of Dena Bank and Vijaya Bank with Bank of Baroda would be effective from 1st April.
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