The Bank of Rajasthan will soon be merged with the top private sector bank ICICI Bank. Both the banks have already entered into an agreement but the merger ratio (most likely to be 1:9) has not been made public.
In a filing to the Bombay Stock Exchange, Sanjay Tayal director of Bank of Rajasthan requested a urgent board meeting for the amalgamation. The board meeting is being held today.
"The transferee Bank is convening its Board of Directors meeting on May 18, 2010, for considering the proposed amalgamation and for approving several actions necessary for the process," said the filing on BSE today.
The share price of Bank of Rajasthan rose 20 per cent to close at Rs 99.5 on BSE.
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