Shareholders ok ICICI-BoR merger, legal cloud looms | business | Hindustan Times
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Shareholders ok ICICI-BoR merger, legal cloud looms

business Updated: Jun 23, 2010 00:11 IST
Bank of Rajasthan

Shareholders of Bank of Rajasthan, who cast their votes in a controversial Extraordinary General Meeting on the bank’s merger with ICICI Bank, are understood to have approved the deal.

“The shareholders have given their nod to the amalgamation but the validity of the process is still under examination by legal experts,” a source in the know told PTI.

Meanwhile, ICICI Bank on Tuesday said its shareholders have approved the merger of Bank of Rajasthan with itself by an overwhelming majority.

BoR has sought legal opinion on the matter. “We have sought legal advice on that aspect and our legal advisers are currently examining that,” BoR’s MD and CEO G. Padmanabhan said.

The shares of BoR settled at Rs 176.15, up 0.95 per cent on the Bombay Stock Exchange after surging 2.57 per cent during the day on Tuesday.

On the other hand, ICICI Bank scrip shed 0.87 per cent to close at Rs 893.15, after rising to Rs 905.