ICICI Banks merger swap ratio approved
By Our Banking Bureau | 11 Apr 2002
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Mumbai: The Bombay High Court has approved the swap ratio for ICICI Ltds merger with ICICI Bank.
The court approves the merger ratio, Justice D K Deshmukh of the Bombay HC said, while setting aside objections raised by some minority shareholders of ICICI.
The minority shareholders had argued that the ratio of two ICICI shares for each ICICI Bank share was skewed in favour of the banks shareholders.
ICICI will now have to wait for the Reserve Bank of Indias approval before the merger takes effect.
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