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ICICI, ICICI Bank meet to consider merger plan on Oct 25

The country's premier financial institution ICICI Ltd and leading private sector bank, ICICI Bank, will meet in Bombay on Thursday, to consider a proposal of merger.

The board of directors of ICICI is scheduled to meet Thursday to consider the audited financial results for the year ended September 30, 2001.

The board will also consider a proposal for the merger of ICICI Ltd. And two of its wholly-owned subsidiaries, ICICI Personal Financial Services Ltd and ICICI Capital Services Ltd, with ICICI Bank Ltd at the same meeting, ICICI announced in Bombay on Wednesday.

"The board will consider the share exchange ratio based on the recommendations to be made by J M Morgan Stanlay, the investment banker appointed by ICICI and Deloitte, Haskins and Sells, the accounting firm appointed jointly by ICICI and ICICI bank," ICICI stated in a release.

ICICI further informed that if approved by the respective boards, the proposal would be submitted to the Reserve Bank of India for its consideration and approval, and shall be subject to various other approvals, including the approval of the shareholders of both ICICI and ICICI Bank, the high courts of Bombay and Gujarat, and the Union Government as may be required.

Meanwhile, the shares of ICICI rose more than 4.30 per cent at the Bombay Stock Exchange to close at Rs 58.05, while shares of ICICI Bank gained by over 3 per cent to Rs 98.10.

UNI

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