Shares of BoR spike as ICICI shareholders approve merger

Shares of Bank of Rajasthan (BoR) climbed as much as 2.5 per cent in the morning trade on the BSE today, after shareholders of ICICI Bank approved merger of Udaipur-based lender with itself.

The scrip opened almost flat on the Bombay Stock Exchange (BSE) but soon surged 2.57 per cent to touch a high of Rs 179 -- the highest level in one year.

At 12:47 pm, the scrip was quoting at Rs 177.2, higher by 1.55 per cent. The jump in stock was significant as broader market was trading in red. The BSE benchmark was quoting at 17,766.65, down 110 points in the afternoon session.

 

However, on the other hand, ICICI Bank shares were under pressure and the scrip was quoting at Rs 896.95, down 0.44 per cent. Earlier, in the early trade, the stock had touched a high of Rs 905.
    
The country's largest private sector lender ICICI Bank today said its shareholders have approved the merger of BoR with itself.
    
The shareholders of the bank approved the amalgamation of BoR with ICICI Bank at the extraordinary general meeting held at Vadodara yesterday, the bank said in a filing to the BSE.
    
The outcome of BoR's Extraordinary General Meeting, which was held yesterday at Kolkata, is still awaited.