ICICI Bank to acquire Sangli Bank

ICICI Bank to acquire Sangli Bank

ICICI Bank has confirmed that they would merge the unlisted The Sangli Bank Ltd. with itself. The deal would be conducted through stock transaction.

As part of the deal, shareholders of Sangli Bank will receive 100 shares of ICICI Bank for every 925 held. Kalpana Morparia, joint managing director at ICICI Bank added: “We will issue 3.45 million fresh shares for the merger.”

The deal would however require approval from the regulatory bodies. The terms of the deal puts the value of this transaction at $6.7 million at the bank’s current share prices.

ICICI Bank added in a statement on this deal: “The proposed amalgamation is expected to be beneficial to the shareholders of both entities.”

The bank has 198 branches and extension counters, including 158 branches in Maharashtra and 31 branches in Karnataka and these would help ICICI Bank expand their presence in the country.