It has been reported that today, after departure with profits at early morning, private sector lender ICICI Bank’s shares settled 0.34% down at Rs. 832 on BSE, this was a day after it received sanction from the board to amalgamate with the Bank of Rajasthan.
But in contrast, the Bank of Rajasthan rose 10 per cent to close at a one-year high rank of Rs. 158.80 on the Bombay Stock Exchange. It is said that 84% has been gained by BoR in the preceding five trading sessions.
ICICI Bank’s shares had previously opened 2% higher on the bourse. Although later it decreased to a low of Rs. 825, down 1.17%.
It is said that the 30-share target index Sensex closed up 0.15%, or 23.94 points, at 16,469.55 points.
A declaration was made by ICICI, yesterday about the unification with Bank of Rajasthan via share-swap in a non-cash contract that values BoR at nearly Rs. 3,000 crore.
Following the authorization of the contract, ICICI Bank’s, Chanda Kochhar said that investors’ consent for the contract would be attained at the unusual common meeting on June 21.
ICICI Bank had entered into a contract with Bank of Rajasthan to merge with itself, On May 18.
It has been reported that the two had projected a share exchange ratio of 1:4.72, which means BoR investors will attain one share of ICICI Bank for every 4.72 shares of BoR.
