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Mumbai : ICICI Bank on Aug 26 said it has allotted shares of the bank to shareholders of Bank of Rajasthan (BoR) following the amalgamation of the two private lenders.
As much as 25 shares of ICICI bank were allotted for 118 shares of BoR, ICICI Bank informed the Bombay Stock Exchange.
Shares of ICICI Bank have been allotted to shareholders of erstwhile BoR whose names appeared in the register of depositories as on the record date of August 25, it said.
Earlier this month, BoR became part of ICICI Bank following RBI approval to merger proposal of the two lenders. All 463 branches of BoR have started functioning as ICICI Bank's as per the directive of the Reserve Bank of India.
This is the third acquisition by ICICI Bank. It had earlier acquired Bank of Madura way back in 2001 and Maharashtra-based Sangli Bank in 2007.
With the merger, the balance sheet of ICICI Bank has crossed Rs 4 lakh crore. BoR has a total business of over Rs 23,000 crore, against nearly Rs 3,84,000 crore of ICICI Bank.
Earlier in May, the boards of both the banks approved a share-swap deal that valued BoR at over Rs 3,000-crore.
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