ICICI merger with its bank may lead to stamp duty of Rs 700 crore
Mumbai: At the recent presentation made by the top brass of the financial institution, ICICI, to the Reserve Bank of India, it was stated that an internal estimate of the stamp duty payable for the possible reverse merger of the institution with its bank, ICICI Bank, may be to the tune of Rs. 700 crore.

This estimate was based on the prevailing rate of 0.7 per cent in Maharashtra, on the estimated asset base of the combined entity, which is pegged at Rs 100,000 crore.

Despite the buzz at the financial institution, the merger proposal will move ahead only if there is satisfactory resolution of of various regulatory issues including that of imposition of SLR, CRR and priority sector lending that a view can be taken on the future course of action," it said.
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