28 March 2024 – Despite objections from regular investors, institutional shareholders supported the idea, and ICICI Securities’ delisting would ultimately proceed. Following this, ICICI Securities becomes ICICI Bank’s wholly owned subsidiary.
Just 32% of public non-institutional shareholders voted in favor of the proposal, compared to 83.8% of public institutional owners. The request was approved since ICICI Securities has significant institutional holdings. For every 100 shares owned, ICICI Securities shareholders are purportedly entitled to 67 shares of ICICI Bank.
16.68% of the brokerage company is owned by institutional investors, both local and foreign. As of December 31, 2023, stock market records showed that non-institutional public shareholders owned 8.55% of the firm.
Conclusion
A number of ICICI Securities shareholders said that the bank’s management was pressuring them to support the delisting resolution. The administrative warning has been issued in connection with the inspection of books and records for the Merchant Banking activities of the Company conducted in December 2023,” the statement from ICICI Securities said.
