The main promoter of the bank, the Tayal group, had recently come under fire from both the capital market regulator, Sebi, and banking regulator Reserve Bank of India.

The board will again meet to decide the share-swap ratio and to consider the due diligence report, Padmanabhan said.

Haribhakti & Sons will conduct the due diligence, he added.

ICICI Bank board is also meeting today for considering the proposed amalgamation and for approving several actions necessary for the process.
 
Bank of Rajasthan has a market capitalisation of $296 million against ICICI Bank's $21.78 billion.

The board of ICICI Bank will meet later in the day for considering the merger, the bank said in its statement to the stock exchange.
 
Shares of Bank of Rajasthan gained Rs16.55 (19.95 per cent) and settled at Rs99.50 with total traded volume of 11,053,316 shares on the Bombay Stock Exchange (BSE) on Tuesday.

Bank of Rajasthan was set up at Udaipur in 1943 with an initial capital of Rs10 lakh by late industrialist Seth Govind Ram Seksaria. It was classified as the Scheduled Bank in 1948. The Bank also established a rural (Gramin) bank Mewar Anchlik Gramin Bank in Udaipur district in Rajasthan on 26 January 1983.