Mumbai: ICICI Securities has cleared all regulatory hurdles for earlier announced delisting from the stock exchanges as on Wednesday NCLT Mumbai cleared delisting proposal after two minority shareholders objections were overruled.Securities and Exchange Board of India also has also approved settlement application related to merchant banking activities after the company paid a settlement amount Of Rupees sixty nine lakhs eighty two thousand five hundred.Earlier the RBI has also approved the delisting proposal of ICICI Securities.
ICICI Securities announced its delisting and merger plan with its parent company, ICICI Bank, in June 2023.
The proposal, approved by shareholders in March 2024 with 72% of minority shareholders in favor, involves ICICI Securities becoming a wholly-owned subsidiary of ICICI Bank. Shareholders will receive 67 shares of ICICI Bank for every 100 shares of ICICI Securities held.
Despite the approval, some individual shareholders and Quantum Mutual Fund opposed the delisting, arguing that the share swap would harm minority shareholders.
Shareholders had questioned the share-swap ratio and the fairness of the deal, given the stock's undervaluation relative to its potential.
Reacting to ICICI Securities getting NCLT approval and Sebi settlement ICICI Securities shares fell 7.52 per cent to Rs 784.50 on Wednesday at market close.
