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Wednesday, May 19, 2010

Won't sell ICICI Bank shares: PK Tayal

Pravin Kumar Tayal, the main promoter of Bank of Rajasthan (BoR) and and the man being credited for brokering the much-talked about BoR-ICICI Bank merger, said he will clarify all charges pressed against him by RBI. Tayal, who cannot sell his ICICI Bank shares, denied that he had made any effort of stake sale to any other bank.

In a first-ever post merger interview, Tayal said the merger is much cheaper than HDFC Bank-Centurion Bank of Punjab deal. He believes it is a fair deal which is good for shareholders.

Currently, Tayal holds 28% stake in BoR and a ban, which was imposed on the promoters by Sebi, continues to exist. He said the board will decide on the timeline for the proposed merger.

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