ICICI Bank fixes Aug 25 as record date for BoR share swap

MUMBAI: ICICI Bank today said it has fixed August 25 as the record date for the purpose of share swap following the merger of Bank of Rajasthan (BoR) with itself.

It has fixed August 25, 2010, as the record date for the purpose of ascertaining the shareholders of BoR, who will be entitled to shares of ICICI Bank in the ratio 1:4.7, ICICI Bank informed the Bombay Stock Exchange.

For 118 shares of BoR, the shareholders would get 25 shares of ICICI Bank, it said.

In case of dissenting shareholders of ICICI Bank, they may be paid at the rate of Rs 885.28 per share and in case of dissenting shareholders of Bank of Rajasthan, they may be paid at the rate of Rs 154.50 per share, it said.

As part of scheme of amalgamation, it has been decided that no fractional share certificate would be issued to shareholders of ICICI Bank. The bank would instead consolidate all such fractional entitlement, like half shares or quarter shares, after the share swap into a trust.

The net proceeds of such fractional entitlement will be transfered into account of such shareholders not later than 15 days after allotment, it said.

Following the approval of merger by Reserve Bank of India, Udaipur-based Bank of Rajasthan yesterday became a part of the country's largest private sector lender, ICICI Bank.

All 463 branches of BoR have started functioning as ICICI Bank branches 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 would cross Rs 4 lakh crore. BoR has total business worth over Rs 23,000 crore, as against nearly Rs 3,84,000 crore for 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.

Post-approval by the shareholders, the banks moved the RBI on June 25 for regulatory clearance.