BoDs of ICICI Bank, Sangli Bank OKs merger
The all-stock merger of The Sangli Bank Ltd with ICICI Bank Ltd was today approved separately by the Boards of the two banks.
Deloitte Haskins & Sells, the independent valuers appointed jointly by the banks, has recommended a share exchange ratio of 100 shares of ICICI Bank for 925 shares of The Sangli Bank Ltd, a press release issued here today said.
The proposed amalgamation is subject to regulatory approvals and would result in issuance of approximately additional 3.45 million shares or 0.4 per cent of the equity share capital of ICICI Bank.
Through this proposed amalgamation, ICICI Bank seeks to leverage Sangli Bank’s 190-branch network, existing customer and employee base across urban and rural centres in the rollout of its rural and small enterprise banking operations, the new key focus area of the bank.
For shareholders of The Sangli Bank Ltd, the amalgamation would enable them to participate in the growth of ICICI Bank.
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