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Paras Kuhad sells Tayal's Bank of Rajasthan to Amarchand-client ICICI Bank


Amarchand Mangaldas is advising ICICI Bank on its takeover of Bank of Rajasthan (BoR), whose promoter Pravin Kumar Tayal is represented by Paras Kuhad Associates, in a stock deal that envisages a share exchange ratio of 25 ICICI shares for 118 BoR shares.

Amarchand Mangaldas Mumbai managing partner Cyril Shroff is the lead partner advising ICICI bank in negotiating the deal with the dominant shareholder group of the BoR promoter family Tayal.

Paras Kuhad Associates managing partner Paras Kuhad has in turn acted for his long-standing client and Bank of Rajasthan promoter Pravin Kumar Tayal.

The amalgamation plan received in-principle approval from the board of directors of both the banks during their meeting in Mumbai on 18 May, although it remains subject to due diligence and independent valuation before seeking the Reserve Bank of India's (RBI) permission.

This is the third merger for ICICI, after it took over Bank of Madura in 2000 and Sangli Bank in 2007, and Amarchand Mangaldas has been one of the bank's long-time preferred legal adviser.

Bank of Rajasthan is a listed bank with its corporate office in Mumbai and registered office at Udaipur in Rajasthan. The Tayal family has been a long-standing client of Paras Kuhad Associates, with Bank of Rajasthan consequently also being understood have instructed the firm's regional and Mumbai offices in the past.

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