Private sector Bank of Rajasthan (BoR) Tuesday said its board has approved merger with India’s largest private sector lender, ICICI Bank, through a share swap.
BoR’s managing director and chief executive G. Padmanabhan said the board has given its in-principle approval for the merger.
The share-swap ratio is likely to be decided by May 23.
In a regulatory statement, BoR said: “The dominant shareholders of the Bank of Rajasthan (transferor bank) have entered into an agreement on May 18 with the ICICI Bank (transferee bank) for proposing an amalgamation of both the transferor bank and transferee bank.”
Promoters Tayal family holds 55 percent stake in BoR as of December 2009, according to market regulator Securities and Exchange Board of India.
Source: Thaindian