ICICI Bank Shareholders approve Scheme of Amalgamation of Sangli Bank

ICICI Bank Ltd has announced that the Bank at its Extraordinary General Meeting held on January 20, 2007, for seeking the approval of the Shareholders for the Scheme of Amalgamation of The Sangli Bank Ltd (SBL) with the Bank. The Shareholders approved the Scheme of amalgamation unanimously, subject to the approval of Reserve Bank of India (RBI) and such other statutory and regulatory authorities as may be required. The share exchange ratio has been fixed at 100 equity shares of the Bank for every 925 equity shares of SBL.

The Bank would be seeking approval of RBI in terms of Section 44A of the Banking Regulation Act, 1949. The Scheme would be effective from the date on which RBI approves the Scheme or such other date, as may be specified by RBI by an order in writing. After RBI accords its sanction to the Scheme of Amalgamation, the Board of Directors of the Bank or a committee thereof would be fixing a Record Date for determining the shareholders of SBL who would be eligible for the shares of the Bank in exchange of the shares of SBL. Subject to the approval of RBI, the Bank is expected to issue 3.46 million equity shares of the face value of Rs 10/- each against SBL's 31.96 million equity shares of the face value of Rs 10/- each. The new shares to be issued would be listed at The Bombay Stock Exchange Ltd and the National Stock Exchange of India Ltd.

Source : Equity Bulls

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