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ICICI Bank shareholders approve merger
NEW DELHI: Clearing the decks, ICICI Bank's general body has approved acquisition of Bank of Rajasthan, which is awaiting a legal clearance although its shareholders conveyed their consent to the stock exchanges. In an unusual development, the BoR shareholders had voted on Monday after the bank management summarily called off the meeting citing a stay by a Kolkata civil court, which ICICI Bank got vacated. While the shareholders of BoR communicated their decision to the stock exchanges, saying the “scheme of amalgamation has been duly passed by the required majority,” BoR officials maintained throughout the day that they would approach stock exchanges only after getting the decision legally validated. — PTI
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