BoR settles up 1.5 per cent; ICICI soars 4 per cent
Bank of Rajasthan today hit a 52-week high to settle up 1.54 per cent, after shareholders voted for the merger with ICICI Bank, whose stock closed up nearly 4 per cent.
By PTI |
MUMBAI: Bank of Rajasthan today hit a 52-week high to settle up 1.54 per cent, after shareholders voted for the merger with ICICI Bank, whose stock closed up nearly 4 per cent.
The Bank of Rajasthan (BoR) counter climbed 4 per cent to hit a 52-week high at Rs 178.80 on Bombay Stock Exchange earlier in the day, but the scrip pared the gains and settled with just 1.54 per cent rise at Rs 174.50. On the National Stock Exchange, it gained 1.66 per cent to Rs 174.80.
Similarly, shares of ICICI Bank settled at Rs 900.95, up nearly 4 per cent on the BSE and on the NSE it closed up 3.47 per cent at Rs 899.50.
The meeting to approve the merger of the Udaipur-based BoR with the country's largest private sector lender ICICI Bank got off to a chaotic start, when the BoR management said it was cancelling the meet following a stay obtained by an investor from a Kolkata civil court. But, the shareholders decided to go ahead with the voting after taking legal opinion.
On May 23, ICICI Bank had agreed to take over BoR in a share-swap deal that valued the Udaipur-based bank at over Rs 3,000 crore. Since then, its has surged 24 per cent, while ICICI script has soared nearly 9 per cent.
The merger would be based on ICICI giving one share for every 4.72 shares of trouble-torn BoR. The share swap ratio was fixed at one ICICI Bank share for every 4.72 shares of BoR. Both banks can proceed with the merger only if the shareholders approve the swap ratio.
The Bank of Rajasthan (BoR) counter climbed 4 per cent to hit a 52-week high at Rs 178.80 on Bombay Stock Exchange earlier in the day, but the scrip pared the gains and settled with just 1.54 per cent rise at Rs 174.50. On the National Stock Exchange, it gained 1.66 per cent to Rs 174.80.
Similarly, shares of ICICI Bank settled at Rs 900.95, up nearly 4 per cent on the BSE and on the NSE it closed up 3.47 per cent at Rs 899.50.
The meeting to approve the merger of the Udaipur-based BoR with the country's largest private sector lender ICICI Bank got off to a chaotic start, when the BoR management said it was cancelling the meet following a stay obtained by an investor from a Kolkata civil court. But, the shareholders decided to go ahead with the voting after taking legal opinion.
On May 23, ICICI Bank had agreed to take over BoR in a share-swap deal that valued the Udaipur-based bank at over Rs 3,000 crore. Since then, its has surged 24 per cent, while ICICI script has soared nearly 9 per cent.
The merger would be based on ICICI giving one share for every 4.72 shares of trouble-torn BoR. The share swap ratio was fixed at one ICICI Bank share for every 4.72 shares of BoR. Both banks can proceed with the merger only if the shareholders approve the swap ratio.
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