ICICI allots shares to BoR shareholders

ICICI Bank on Thursday said it had allotted its shares to the shareholders of Bank of Rajasthan (BoR) following the amalgamation of the two private lenders. As much as 25 shares of ICICI were allotted for 118 shares of BoR, ICICI informed the Bombay Stock Exchange.

ICICI’s shares have been allotted to those shareholders of the erstwhile BoR whose names appeared in the register of depositories as on the record date of August 25, it said. Earlier this month, BoR became a part of ICICI Bank following Reserve Bank of India’s (RBI) approval to the merger proposal of the two lenders. All 463 branches of BoR have started functioning as ICICI Bank’s as per the RBI’s directive.

This is the third acquisition by ICICI Bank. It had earlier acquired Bank of Madura in 2001 and Maharashtra-based Sangli Bank in 2007.

With the merger, the balance sheet of ICICI Bank has crossed Rs 4 lakh crore. BoR has a total business of over Rs 23,000 crore against Rs 3,84,000 crore of ICICI Bank. Earlier in May, the boards of both the banks approved a share-swap deal that valued BoR at over Rs 3,000-crore.