IClCl Bank Ltd said its shareholders approved the merger of Bank of Rajasthan with itself in an extraordinary general meeting held on 21st June.
The amalgamation is subject to the approval of Reserve Bank of India (RBI) and such other approvals as may be required. The share exchange ratio has been fixed at 25 equity shares of ICICI Bank for every 118 equity shares of Bank of Rajasthan, the lender said in a regulatory filing.
On Tuesday, ICICI shares ended 0.9% down at Rs893 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.7% down at 17,749 points.
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