ICICI Securities delisting finally gets the nod after high drama from retail investors

ICICI Securities delisting finally gets the nod after high drama from retail investors

ICICI Securities delisting will finally go through after Institutional shareholders backed the proposal despite opposition from retail investors.

Post this, ICICI Securities becomes a wholly owned subsidiary of ICICI Bank.

Among public institutional shareholders, 83.8% voted in favour, while only 32% votes were in favour among the public non-institutional shareholders. Large institutional holdings in ICICI Securities led to the proposal being cleared.

Shareholders of ICICI Securities will reportedly get 67 shares of ICICI Bank against every 100 shares held.

Foreign and domestic institutional investors own 16.68% in the broking firm. Non-institutional public shareholders held 8.55% in the company as of Dec. 31, 2023, according to stock exchange data.

The delisting saw its share of drama after minority shareholders alleged that they were being chased by the lender to back its proposal to delist its broking unit.

Several ICICI Securities shareholders claimed the bank’s executives were coaxing them to vote in favour of the resolution to delist.

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