ICICI Securities delisting gets nod from institutional investors despite retail resistance; shares fall 4%

Meanwhile, ICICI Securities share price declined over 4 per cent in morning trade on Thursday, March 28 following the announcement by the company. ICICI Securities share price opened at ₹720.80 against the previous close of ₹741.10 and soon slipped about 4.2 per cent to the level of ₹710.

The stock, however, pared losses and around 9:40 am, it traded 2.64 per cent down at ₹721.55 on BSE.

Also Read: Norges in favour of ICICI Securities delisting

Earlier Proxy advisory firms Institutional Investor Advisory Services (IiAS) and ISS had supported the delisting of ICICI Securities and advised the shareholders of the company to vote in the favour of delisting.

Two other proxy advisory firms, Stakeholder Empowerment Services (SES) and InGovern Research Services had also recommended institutional investors to support the delisting of ICICI Securities.

ICICI Securities will now delist its shares from the stock exchanges and will merge with the banking giant.

On 25 June 2023, ICICI Securities announced its delisting plan through a scheme of arrangement. Under this scheme, shareholders of ICICI Securities will receive 67 shares of ICICI Bank for every 100 shares they hold.

Upon successful implementation, ICICI Securities will operate as a wholly-owned subsidiary of ICICI Bank.

Also Read: Why ICICI Securities is delisting in a growing retail investors market

As on December 31, 2023, ICICI Bank held 74.77 per cent of the equity shares of ICICI Securities and the balance 25.23 per cent equity shares were held by the public.

ICICI Securities said that as a 100 per cent subsidiary, it is expected that both entities would be able to better capitalize on the synergies in line with the customer 360-degree focus of the bank.

ICICI Securities will now delist its shares from the stock exchanges and will merge with the banking giant.

On 25 June 2023, ICICI Securities announced its delisting plan through a scheme of arrangement. Under this scheme, shareholders of ICICI Securities will receive 67 shares of ICICI Bank for every 100 shares they hold.

Upon successful implementation, ICICI Securities will operate as a wholly-owned subsidiary of ICICI Bank.

Also Read: Why ICICI Securities is delisting in a growing retail investors market

As on December 31, 2023, ICICI Bank held 74.77 per cent of the equity shares of ICICI Securities and the balance 25.23 per cent equity shares were held by the public.

ICICI Securities said that as a 100 per cent subsidiary, it is expected that both entities would be able to better capitalize on the synergies in line with the customer 360-degree focus of the bank.