ICICI gets nod for merger with Sangli Bank

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.

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.