The boards of directors of ICICI and ICICI Bank today approved the reverse merger of the financial institution with the bank at a share exchange ratio of one domestic equity share of ICICI Bank for every two domestic equity shares of ICICI.
In case of the American depository shares (ADS) (each ADS of ICICI represents five domestic equity shares and that of ICICI Bank, two domestic equity shares), the ADS holders of ICICI will be issued five ADS of ICICI Bank in exchange of every four ADS held in ICICI.
The share price of ICICI fell by 9.38 per cent to Rs 52.60 against yesterday
