Conceptual analysis of merger of the erstwhile bank of rajasthan ltd and icici bank ltd 51 historical background: the bank of rajasthan ltd (bor) was incorporated on may 7, 1943 as a company defined under the companies act, 1956 and has its registered office at udaipur, rajasthan. Bank of rajasthan is a listed bank with its corporate office in mumbai and registered office at udaipur in rajasthan as on march 31, 2009, bank of rajasthan had 463 branches and 111 atms, total assets of rs17,224 crore, deposits of rs15,187 crore and advances of rs7,781 crore. Icici to merge bank of rajasthan, will give 1 share for every 472 shares of bor the bor valuation for merger with icici works out to rs3,000 cr no board representation to bor promoter tayal.
Bank of rajasthan shares hit upper circuit on the news on bor-icici merger icici and tayal family of bor on tuesday, may 18 fixed the share swap ratio and announced the merger. Icici bank merge with bank of rajasthanpptx - free download as powerpoint presentation (ppt / pptx), pdf file (pdf), text file (txt) or view presentation slides online. Icici bank approved the amalgamation of bank of rajasthan with it for a share exchange ratio of one share of icici bank for every 472 shares of bank of rajasthan the board of directors of.
Nearly every middle-market bank in the industry is looking to either acquire another bank or be acquired, and it's likely that yours is no exception many banks see an acquisition or merger as a chance to expand their reach or scale up operations. Principal economic advisor to the ministry of finance, sanjeev sanyal, said that the decision to merge three public sector banks, namely, vijaya bank, dena bank, and the bank of baroda will make. -corporation bank ties up with the bank for sharing the teller machine networks 2003-the hon'ble high court, jaipur has approved the scheme of merger of rajasthan bank financial services ltd into the bank-promoters shifted their shares to their own private corporate companies.
In this paper, we consider a case of icici bank ltd, the largest private sector bank in india, which has acquired bank of rajasthan ltd (bor) therefore, the aim of this article is to study the growth of icici bank ltd through mergers, acquisitions, and amalgamation. Initiated from the merger case of the bank of rajasthan ltd and icici bank ltd the main objective of their study was to test the motives of banks for mergers and acquisition with special. The bank of rajasthan ltd (bor) 2010 sources: goyal, k a and joshi, v (2011) mergers in banking industry of india mergers and acquisitions have become the crucial means of bank expansion, especially for banking. Bank of rajasthan & icici bank merger: pil filed in sc urging sebi to be made accountable says unfair gains made by promoters of bank of rajasthan were. The bank's central office is located at jaipur, although its registered office is in udaipur presently the bank has 463 branches, in 24 states, with 294 of the branches being in rajasthan presently the bank has 463 branches, in 24 states, with 294 of the branches being in rajasthan.
Read more about bank of rajasthan to merge with icici bank on business standard deal envisages one icici bank share for every 472 of bor's. This banking awareness modules deals with mergers and acquisitions of banks in india and how it and when it happens it lay stressed that bank mergers must take. Bank of rajasthan icici merger 2018 2019 can you tell me in detail about the merger of bank of rajasthan ltd and industrial credit and investment corporation of india bank - icici bank. After the bank received permission for the merger in august 12, 2010, it said that it has successfully integrated the operations of the bor with the icici bank the acquisition of bank of rajasthan by icici bank is the first consolidation of countryâ€™s crowded banking sector since 2008. About bor and merger private sector lender bank of rajasthan on 18 may 2010 agreed to merge with icici bank, india's second largest private sector lender bank of rajasthan has a market value of $296 million the acquisition of bank of rajasthan by icici bank is the first consolidation of country's crowded banking sector since 2008icici bank.
Icici bank-bank of rajasthan merger is the seventh voluntary merger in indian banking sector, u/s 44a of the banking regulation act, 1949 this is the icici bank's fourth acquisition after sangli bank the background of the merger can be traced to the regulatory intervention of sebi and rbi on. Uncertainty over the validity of the poll conducted by bank of rajasthan shareholders over the issue of its merger with the country's second largest lender, icici bank continued today with bor's. New delhi: in a major acquisition deal, icici bank on sunday announced merger bank of rajasthan with it through share-swap in a non-cash deal that values the bor at about rs 3,000 crore after the. Pursuant to the merger of the bank of rajasthan, we also enabled seamless transactions for the customers of bank of rajasthan in a short timeframe and combined the atm and branch networks and technology infrastructure.
The securities and exchange board of india (sebi) had changed its mind on the treatment of icici bank shares that came into the accounts of promoter group entities of bank of rajasthan (bor), led by pravin kumar tayal, following the merger of the two entities in 2010 in august 2010, it had taken a. The reserve bank of india (rbi) approved the merger of bank of rajasthan with icici bank ltd all branches of bor will function as branches of icici bank the boards of both the banks on may 23, 2010 approved the merger for a share exchange ratio of 25 shares of icici bank for 118 shares of bor. Merger of icici bank and bank of rajasthan 1 about icici bank icici bank is the india's second largest bank with asset of rs 3634 billion network of 2528 branches and 6000 atms in india available in 19 countries icici banks offers the wide range of banking and financial services to corporate and retail consumers.