Just a day before the board meeting of Bank of Rajasthan and ICICI Bank, PK tayal has said that the bank needs to have better valuation.

The board members were supposed to meet for deciding the swap-ratio of the two entities.

Tayal said that the valuation of BoR that has been done by ICICI is not fair and that before anything else is decided they want the offer price to be increased.

Tayal said to the media persons that ICICI Bank has got a very good option. This is one of the best possible deals that they could have got and he wants a minimum swap ratio of 1:3.

The merger of BoR with ICICI Bank was given an approval by the board member of both the banks earlier this week. The accounting firm involved in the deal is Haribhakti & Co, and this is the firm that arrived at the final valuation of the company.

Till now, ICICI Bank has offered 25 shares of its own for every 118 share of BoR. This means that the swap ratio is 1:4.75. Majority of the shares are owned by Tayal family.