ICICI Bank gets approval from shareholders for merging with Sangli Bank

ICICI Bank gets approval from shareholders for merging with Sangli Bank

ICICI Bank has confirmed that they have now received the approval from their shareholders to go ahead with the merger with the Sangli Bank.

This decision was taken at the ICICI Bank’s extra-ordinary general meeting on January 20.

They would now require the approval from the Reserve Bank of India (RBI) and such other statutory and regulatory authorities.

For the deal, the share exchange ratio has been set at 100 equity shares of the bank for every 925 equity shares of Sangli Bank. ICICI would now go ahead and seek approval from the RBI.