Bank of Rajasthan agreed to merge with ICICI Bank
After reports that stated that the bank’s promoters have begun talks with large private sector banks for a possible merger, it has finally declared to to merge with ICICI bank. Both have agreed to a share swap of 1:4.72. In terms of quantity, every 118 shares of BoR will get 25 shares of ICICI Bank.
The stock had outperformed the market over the past one month till 5 May 2010, gaining 44.79% compared with the Sensex’s 4.73% decline. It outperformed the market in past one quarter, soaring 43.74% as against 8.21% rise in the Sensex.
The promoters of Bank of Rajasthan (BoR) are reported to have had preliminary discussions with India’s largest private sector lender by market capitalisation ICICI Bank, and a few other banks to explore the possibility of merger. According to reports, Tayals had also approached the HDFC group for a possible deal with HDFC Bank. However, HDFC Bank did not evince any interest.
Bank of Rajasthan reported a net loss of Rs 44.70 crore in Q3 December 2009 compared with a net profit of Rs 49.21 crore in Q3 December 2008. Operating income fell 11% to Rs 373.78 crore in Q3 December 2009 over Q3 December 2008.
Tags: bank of rajashthan merger with ICICI, Bank of Rajasthan merger with a ICICI, BOR merger ICICI, news on Bank of Rajasthan Merger
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