BoR approves swap ratio at 1:4.72

The Board of Bank of Rajasthan (BoR) today approved the swap ratio of 1:4.72 as offered by ICICI Bank to merge the two entities. "The swap ratio of 1:4.72 has been approved by the board today," BoR's Director K N Bhandari told reporters here after the board meeting. ICICI Bank board also met today to discuss the merger proposal. With BoR board approving the swap ratio the proposal will now go to the Extraordinary General Meeting (EGM) slated on June 21, he said. Asked whether the merger will adversely impact BoR employees, Bhandari said, "All BoR employees will be retained and there will no job losses."