Actually you can’t blame the management. They are not avoiding anything, rather they are forced to adopt new provisions. Otherwise they could have gone for merger, which would have gone through because of their holding.
The present proposal is tricky. For approval, they have to take help of LIC, Mutual funds and FII. As I understand, LIC aquisition price is above 750. So for approval they have to sweeten the offer. My expectation will be minimum 80-90 Icici bank shares for every 100 shares of Isec.
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