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Non-Tech : ICICI Ltd - (Nyse: IC)

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To: Mohan Marette who wrote (1)	12/16/1999 2:32:00 PM
From: Mohan Marette	Read Replies (1) of 494

ICICI Bank denies merger talks 16-12-1999 17:02:44 ICICI Bank today denied negotiating with the promoters of Centurion Bank for a possible merger. In response to a news item published in The Economic Times today, the ICICI Bank said it would inform the stock exchange in advance if it decided to convene a board meeting to consider any merger proposal. The newspaper had reported that ICICI Bank officials had held detailed discussion with the promoters of private sector Centurion Bank for a possible merger. "Any proposal for merger will have to be first considered by by the board of directors of ICICI Bank Ltd in line with accepted corporate governance principles," the bank said in a statement to the Bombay Stock Exchange. "The bank will send out prior intimation to the stock exchange if the board meeting is convened for consideration of any such proposal." Share prices of ICICI Bank and Centurion Bank soared on the report. ICICI Bank shares ended Thursday at Rs61, up Rs4.5 over Wednesday`s close of Rs56.50. Centurion Bank shares ended up at Rs24.80, up Rs1.80 over Wednesday`s close of Rs23. Source: Reuters

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