ICICI Securities Drops on Delisting Approval

10 Oct 2024 , 01:40 PM

In early morning trade on Thursday, the share price of ICICI Securities fell by as much as 3.42% to Rs 837.65 per share on the BSE following the National Company Law Tribunal’s approval of the company’s delisting from both the BSE and NSE.

In exchange for having their shares of ICICI Securities cancelled, the public shareholders will get new shares of ICICI Bank based on a predetermined swap ratio. According to the NCLT judgment, ICICI Securities will thereafter become a wholly-owned subsidiary of ICICI Bank.

For every 100 shares of ICICI Securities that a shareholder owns, they will receive 67 shares of ICICI Bank under the terms of the arrangement. Furthermore, the NCLT court rejected the complaints of minority shareholders.

As of 13:35 pm, the shares were trading at ₹845 down 2.7%.

According to NCLT’s order, the proposed plan entails a restructuring between ICICI Bank and its subsidiary, ICICI Securities. As per SEBI’s Delisting Regulations, 2021, ICICI Securities’ shares will be delisted from the BSE and NSE.

The share price of the company has increased by 51.3 percent year to date and 42.1 percent over the past year, outpacing the market. By contrast, the BSE Sensex has increased by 23.5% in a year and by 12.9% year to date.

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