ICICI fixes May 19 for merger with Sangli bank | business | Hindustan Times
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ICICI fixes May 19 for merger with Sangli bank

business Updated: May 04, 2007 18:09 IST

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ICICI Bank on Friday fixed May 19 as the record date for ascertaining the eligible shareholders of Sangli Bank, which was merged with the country's largest private sector lender in April.

The eligible shareholders of Sangli Bank would be entitled to the shares of ICICI Bank Ltd in the ratio of 100 equity shares of Rs 10 each of ICICI Bank for every 925 equity shares of the same value held by them in the Sangli Bank, ICICI bank informed the Bombay Stock Exchange.

The ICICI 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 on Bombay Stock Exchange as well as National Stock Exchange of India, it added. The shareholders of ICICI Bank had given their approval to this amalgamation scheme in January.

The scheme of amalgamation of the Maharashtra-based Sangli Bank with ICICI Bank was approved by the Reserve Bank of India effective April 19.

On December 14, 2006, ICICI Bank had announced that its board of directors and those of Sangli Bank at their respective meetings held on December 9, 2006, had approved an all-stock amalgamation of Sangli Bank with itself.

With this merger, ICICI Bank seeks to leverage Sangli Bank's network of over 190 branches and existing customer and employee base across urban and rural centres in the roll out of its rural and small enterprise banking operations.