ICICI gets nod for merger with Sangli Bank

Shareholders of the country’s largest private lender ICICI Bank have given their go-ahead to the amalgamation of Sangli Bank Ltd with itself.

Shareholders of the country’s largest private lender ICICI Bank have given their go-ahead to the amalgamation of Sangli Bank Ltd (SBL) with itself.

ICICI Bank would shortly seek the approval of RBI and other regulatory bodies regarding merger, the bank informed the Bombay Stock Exchange.

Under the merger scheme, the share exchange ratio was fixed at 100 equity shares of the ICICI Bank for every 925 equity shares of Maharashtra based Sangli Bank.

Story continues below this ad

ICICI Bank is expected to issue 3.46 million equity shares of the face value of Rs 10 each against SBL’s 31.96 million equity shares of the face value of Rs 10 each. The new shares to be issued would be listed at the BSE as well as NSE, it added.

After RBI accords its sanction to the amalgamation, the Board of Directors or a committee would fix a record date for determining the shareholders of SBL who would be eligible for the shares of the ICICI Bank in exchange of their shares of SBL.

ICICI Bank seeks to leverage Sangli Bank’s network of over 190 branches and existing customer and employee base across urban and rural centres in the roll out of its rural and small enterprise banking operations.

Modi not to travel to Malaysia for ASEAN summit; precludes meeting with Trump on sidelines

India29 min ago

Prime Minister Narendra Modi will not travel to Malaysia and instead will attend the ASEAN (Association of South East Asian Nations) leaders’s summit virtually. This was disclosed by Malaysian Prime Minister Anwar Ibrahim on Thursday, who received a phone call from PM Modi.

View all shorts

Live Blog

PHOTOS