Mumbai: Parting with early morning gains, shares of private sector lender ICICI Bank on Monday settled 0.34 % down at Rs832 on BSE, a day after its board gave nod to merge Bank of Rajasthan with itself.
Bank of Rajasthan, on the other hand, jumped 10% to close at a one-year high level of Rs158.80 on the Bombay Stock Exchange. BoR has gained 84% in the last five trading sessions.
Earlier, the shares of ICICI Bank had opened 2% higher on the bourse. But later, the scrip fell to touch an intra-day low of Rs825, down 1.17%.
The 30-share benchmark index Sensex closed up 0.15%, or 23.94 points, at 16,469.55 points.
Yesterday, ICICI Bank had announced merger of Bank of Rajasthan with it through share-swap in a non-cash deal that values BoR at about Rs3,000 crore.
After the approval of the deal, ICICI Bank Chanda Kochhar had said that shareholders’ approval for the deal would be obtained at the extraordinary general meeting on 21 June.
On 18 May, ICICI Bank had entered into an agreement with Bank of Rajasthan to amalgamate the latter with itself.