28 March 2024 – More than 70% of ICICI Securities’ shareholders voted in favor of the merger plan, approving the company’s merger with its parent, ICICI Bank. The ruling comes after an order from the National Company Law Tribunal (NCLT) on February 14, 2024. The merger plan received a lot of support during the meeting, which 161 equity shareholders and their representatives attended. 48,917,332 of the 68,048,133 votes cast by public shareholders were in support of the merger resolution, while 19,130,801 votes, or 28.11% of the total, were put against it.
After the news, shares of ICICI Bank increased by 1.6% to Rs 1101.35 on the Bombay Stock Exchange, but shares of ICICI Securities fell by more than 4% to Rs 710.
Under the planned delisting plan, ICICI Securities shareholders are anticipated to receive 67 shares of ICICI Bank for every 100 shares they own.
Conclusion
It should be mentioned that in reaction to media allegations indicating that ICICI Bank staff were contacting ICICI Securities’ retail shareholders about the delisting procedure, the stock exchanges recently requested clarification from ICICI Securities and ICICI Bank. The bank has come under fire for reportedly pressuring ICICI Securities’ minority shareholders to approve the delisting request.
