The Reserve Bank of India (RBI) has approved the merger of Sangli Bank with ICICI Bank. Following this, all Sangli Bank branches will start operating as ICICI Bank branches from tomorrow. ICICI Bank had okayed the merger of the privately-owned bank with itself in December last year. Its board had approved an all-stock merger. The deal came in a ratio of one share of ICICI Bank for 9.25 shares of Sangli Bank. ICICI Bank had then said the merger will result in an issuance of additional 3.45 million shares, equivalent to about 0.4 per cent of its existing issued equity share capital. The deal size was pegged at over Rs 300 crore.
Source : The Telegraph