The Hindu Business Line : Nod for ICICI-Sangli Bank merger

Shareholders of ICICI Bank have approved the merger of Sangli Bank with itself. The share exchange ratio has been fixed at 100 equity shares of ICICI Bank for every 925 equity shares of Sangli Bank. "The shareholders approved the amalgamation unanimously (at the extra-ordinary general meeting), subject to the approval of RBI and such other statutory and regulatory authorities as may be required," said a press release by the bank.

ICICI Bank is expected to issue 3.46 million equity shares of the face value of Rs 10 each against Sangli Bank's 31.96 million equity shares of Rs 10 each, subject to RBI's approval. "After RBI accords its sanction to the scheme of amalgamation, the board of directors of ICICI Bank or a committee thereof would be fixing a record date for determining the shareholders of Sangli Bank, who would be eligible for the shares of ICICI Bank in exchange of the shares of Sangli Bank," the release added.

More Stories on : Mergers & Acquisitions | Private Banks | ICICI Bank Ltd

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