BoR Board nod for amalgamation with ICICI Bank

MUMBAI: The Board of Directors of Bank of Rajasthan (BoR) met today and approved a proposal from dominant shareholders of the bank for an amalgamation of 28 per cent promoter holding with private sector lender, ICICI Bank. (Watch)

The Board also approved the due diligence of the proposed transaction.

"The Board has given its in-principle approval for the amalgamation of Bank of Rajasthan with ICICI Bank," the bank's Managing Director & CEO, G Padmanabhan, told reporters here today.

The main promoter of the bank is the Tayal group which had recently come under fire from both the capital market regulator, Sebi, and banking regulator, Reserve Bank.



The Board will again meet on Tuesday to decide the share-swap ratio and to consider the due diligence report, Padmanabhan said.

Haribhakti & Sons will conduct the due diligence, he added.