BoR soars 20 pc on BSE amid reports of merger with ICICI Bank

MUMBAI: Bank of Rajasthan settled up nearly 20 per cent at its year-high level on the BSE, fuelled by the rumours that promoters are looking to sell their stake in the bank.

Later in the evening, after the market hours, the Bank of Rajasthan (BoR) announced that it would merge with India's largest private sector lender ICICI Bank.

An agreement for amalgamation was reached between ICICI Bank and BoR, which as per today's share price is valued at Rs 1,500 crore.

Shares of BoR soared 19.95 per cent to touch a 52-week high at Rs 99.50, from its previous close.

Similarly, on the National Stock Exchange, the scrip jumped to settled at Rs 99.45, up 20 per cent.

A total of 2.78 crore shares of Bank of Rajasthan (BoR) changed hands on both the bourses.

The stock was fuelled amid the rumours in the market that the Tayal family, promoters of BoR, is eyeing to sell their stake in the bank.

Earlier this month, it was reported that the Tayals, who control BoR, were in talks with large private sector banks for a possible merger. The promoters of BoR have had preliminary discussions with India's second-largest lender, ICICI, and a few other banks to explore the possibility.

Shares of ICICI Bank today settled at Rs 889.35, down 1.45 per cent from its previous close.