Centurion Bank of Punjab - Updates

Centurion Bank of Punjab Ltd has informed that the following proposals will be circulated for consideration by the Board of Directors:

1. Adjusting the Goodwill against Securities Premium Account in terms of Section 78 read with Section 100 of the Companies Act, 1956, subject to the approval of the shareholders and the Hon'ble High Court of Judicature at Bombay, Panaji Bench, Goa.

2. Amendment in the existing Employees Stock Option Schemes viz. "Key Employee Stock Option Plan — 2004" and General "Employee Stock Option Plan—2004", subject to the approval of the shareholders, to provide for

(a) recovery from an eligible employee, the fringe benefit tax payable in respect of stock options granted to them.

(b) re-issue of expired / lapsed options.

3. Amendment in the General "Employee Stock Option Plan —2004", subject to the approval of the shareholders, to provide for accelerated vesting of stock options granted.

4. Convening an Extraordinary General meeting of the shareholders of the Bank to seek necessary approvals as above.

Centurion Bank of Punjab

Centurion Bank of Punjab Ltd has informed that the Bid Closing Date pursuant to the proposed placement of equity shares of the Bank under Chapter XIII-A of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 (the "SEBI Guidelines") (the "Issue") is September 20, 2007.

Further the Bank has informed that, the Bank will issue 122,699,000 equity shares of Re 1/- each at an Issue Price of Rs 40.75 per equity share aggregating to an Issue size of Rs 499.99 Crores. The Issue Price is above the floor price of Rs 40.34 per share calculated in accordance with clause XIII-A.3 of the SEBI Guidelines.

Kotak Mahindra Capital, Deutsche Equities India Pvt Ltd and SSKI Corporate Finance Pvt Ltd acted as the Global Joint Coordinators for this Issue.