ICICI Bank shareholders approve scheme of amalgamation

At its EGM held on Jan. 20, 2007, the shareholders of ICICI Bank approved the scheme of amalgamation of The Sangli Bank (SBL) with the bank, subject to the approval of Reserve Bank of India (RBI) and other statutory and regulatory authorities. The share exchange ratio has been fixed at 100 equity shares of the bank for every 925 equity shares of SBL.

Subject to the approval of RBI, the bank is expected to issue 3.46 million equity shares of face value Rs 10 each against SBL`s 31.96 million equity shares of face value Rs 10 each. The new shares to be issued would be listed at The Bombay Stock Exchange and the National Stock Exchange of India.