ICICI approves stock amalgamation of Sangli Bank

Mumbai, Dec 9: The Board of Directors of ICICI Bank Ltd and theBoard of Directors of the Sangli Bank Ltd at their respectively meetingheld today, have approved an all stock amalgamation of Sangli Bank withICICI Bank.

The amalgamation is subject to the approval of the sharesholdersof ICICI Bank and Sangli Bank, Reserve Bank of India and such otherapprovals as may be required.

Deloitte Haskins&Sells, Chartered Accountants, theindependent valuers appointed jointly by ICICI Bank and Sangli Bank,have recommended a share exchange ratio of 100 shares of ICICI Bank for925 shares of Sangli Bank. The proposed amalgamation would result inissurance of approximately additional 3.45 million shares of ICICIBank, equivalent to about 0.4 per cent of its existing issued equityshare capital, the release said.

The proposed amalgamation is expected to be beneficieel to theshareholders of both entities. ICICI Bank will seek to leverage SangliBank's network of over 190 branches and existing customer and employeebase across urban and rural centres in the rollout of its rural andsmall enterprise banking operations, which are key focus areas for theBank.

The amalgamation would supplement ICICI Bank's urban distributionnetwork and enable the shareholders of Sangli Bank to participate inthe growth of ICICI Bank's strong domestic and international franchise.The amalgamation will provide new opportunities to Sangli Bank'semployees and give its customers access to ICICI Bank's multi-channelnetwork and wide range of of products and services, the release said.

UNI