The shares of Bank of Rajasthan (BoR) settled nearly 1 per cent up after the shareholders of ICICI Bank approved the merger of the Udaipur-based lender with itself.
The scrip closed at Rs 176.15, up O.95 per cent on the Bombay Stock Exchange after surging 2.57 per cent to touch a 52-week high of Rs 179. However, the BSE benchmark remained weak and closed 127 points lower at 17,749.69 points.
On the other hand, ICICI Bank shares traded under pressure and the scrip shed 0.87 per cent to close at Rs 893.15, after rising to Rs 905.
According to sources, the BoR shareholders, who cast their votes in a controversial extraordinary general meeting on the bank’s merger with ICICI Bank, are understood to have approved the deal. “The shareholders have given their nod to the amalgamation but the validity of the process is still under examination by legal experts,” a source said.
Meanwhile, ICICI Bank today said its shareholders have approved the merger of Bank of Rajasthan with itself by an overwhelming majority.
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, the shares of BoR have surged 24 per cent on BSE.