The promoters of Bank of Rajasthan (BoR) said on Tuesday that it have decided that the merger of the bank should take place with India's largest private sector bank, ICICI Bank.

There was buzz in the market for quite sometime and the final statement came during later part of the day during Tuesday.

BoR in its statement to the stock exchanges has informed them of their decision. It said that it has received a communication from Sanjay Kumar Tayal, one of the promoters of the company, said that the board has taken the decision.

Talks with ICICI Bank for amalgamation is ongoing and some final thing is expected to come by tomorrow.

It is said that the Tayals, who bought the bank almost a decade ago, were under tremendous pressure to sell the bank. This happened after both the RBI and SEBI sent notices to the private bank.

SEBI had banned the BoR shares to be sold in the market on behalf of the promoters.

However, as per the talks going on in the industry, ICICI is willing to pay more than BoR's current valuation.