Sangli Bank merged with ICICI Bank

Mumbai, Apr 19 (UNI) The scheme of amalgamation for the merger of Sangli Bank with ICICI Bank would come into effect from today following the mandatory approval obtained from the Reserve Bank of India (RBI).

Following the announcement, ICICI Bank shares were trading at Rs 904.20, up 0.81 per cent, on the premier Bombay Stock Exchange (BSE).

ICICI Bank informed the BSE that from today onwards, all branches of Sangli Bank would start operating as branches of ICICI Bank.

ICICI seeks to leverage Sangli Bank Limited (SBL)'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.

Shareholders of ICICI Bank had earlier, in January this year, had given their approval to the amalgamation scheme.

As per the scheme, the share exchange ratio was fixed at 100 equity shares of the ICICI Bank for every 925 equity shares of Sangli Bank.

ICICI is expected to issue 3.46 million equity shares of the face value of Rs 10 each against Sangli Bank's 31.96 million equity shares of the face value of Rs 10 each. The new shares to be issued would be listed at BSE as well as the National Stock Exchange (NSE), it disclosed.

The board of directors of ICICI Bank would now fix a record date for determining the shareholders of SBL who would be eligible for the shares of the ICICI Bank in exchange of their shares of SBL.

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

UNI