ICICI Securities shareholders will commence e-voting on the delisting resolution on March 22, 2024. An extraordinary general meeting (EGM) is scheduled for March 27, 2024, following NCLT’s approval where the shareholders will discuss the resolution about the delisting of the company. Shareholders will commence voting from March 22, 2024 at 9:00 PM till March 26, 2024 at 5:00 PM.
Four prominent proxy advisory firms have voted in favor of the delisting of ICICI Securities. ISS, an international proxy advisory firm, believes that ICICI Securities’ larger customer ecosystem and cyclical business nature could provide stability to the stockbroking company’s financial performance. Institutional Investor Advisory Services (IiAS) and Stakeholders Empowerment Services (SES) have supported the resolution to delist ICICI Securities, citing a premium of 2% to the closing price and 23% to the closing price four days prior delisting.
They also argued that delisting ICICI Securities and keeping it as a separate legal entity within the ICICI Bank will align with market practices. ICICI Securities shareholders will receive 67 equity shares of ICICI Bank for every 100 shares they hold, leading to delistment and ICICI Securities becoming a subsidiary. The merger between ICICI Bank and ICICI Securities aims to enhance operational efficiencies and streamline processes, with ICICI Securities becoming a wholly-owned subsidiary, aligning with the Bank’s Customer 360 focus.
