ICICI to seek shareholders nod for BoR deal on June 21

Leading private sector lender ICICI Bank today said it will seek the shareholders approval for the proposed merger of Bank of Rajasthan (BoR) with itself on June 21.

ICICI would hold an extra-ordinary general meeting (EGM) of shareholders on June 21 to obtain approval for the deal, it said in a filing to the Bombay Stock Exchange (BSE).

On May 23, ICICI Bank had announced the merger of Bank of Rajasthan with it through share-swap in a non-cash deal that values the BoR at about Rs 3,000 crore. The transaction would be done by way of offering 25 shares of ICICI for every 118 shares of BoR.

Shares of ICICI Bank today closed at Rs 847.60, up 4.72 per cent on the BSE.