ICICI Securities Gets NCLT Nod for Delisting

21 Aug 2024 , 03:55 PM

The National Company Law Tribunal in Mumbai authorised ICICI Securities’ delisting plan on August 21, overturning the objections of two minority shareholders. The NCLT bench, chaired by Justices Virendrasingh G Bisht and Prabhat Kumar, reserved its decision on August 5.

In June 2023, ICICI Securities announced plans to delist and then combine with its parent company, ICICI Bank. On June 29, 2023, the ICICI Bank board approved the strategy. In March of this year, shareholders accepted the delisting plan, with 72% of minority investors voting in favour.

Following the delisting, ICICI Securities will become a wholly-owned subsidiary of ICICI Bank. Shareholders will receive 67 shares of ICICI Bank for every 100 shares of ICICI Securities under the scheme.

Quantum Mutual Fund and investor Manu Rishi Gupta filed two separate petitions opposing the delisting of ICICI Securities. They stated that the share swap would have a negative impact on minority owners due to the low share price value at the time of delisting. ICICI Securities opposed the objections.

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