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ICICI, ICICI Bank merger ratio set at 2:1

Financial services firm ICICI and private sector ICICI Bank on Thursday agreed to merge, the companies said in a joint statement to the Bombay Stock Exchange.

The statement said the merger ratio was set at two ICICI shares for every one ICICI Bank share.

The merger proposal has been sent to the Reserve Bank of India for its approval, it said.

"The appointed date of the merger is proposed to be March 31, 2002 or the date from which the RBI approval becomes effective, whichever is later," the statement said.

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