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NCLT approves delisting of ICICI Securities, dismisses plea raising objection | Mint

Livemint · 9d

- The National Company Law Tribunal in India has approved ICICI Bank's application for delisting its financial broking arm, ICICI Securities, from the stock exchanges. - The tribunal dismissed two objections to the delisting scheme while approving it, and a detailed order on the matter is awaited. - ICICI Securities had announced its plan to delist and merge with ICICI Bank in June 2023, which was approved by shareholders in March 2024. - As per the delisting plan, shareholders were to receive 67 shares of ICICI Bank for every 100 shares of ICICI Securities held. - Minority shareholders expressed concerns about the low value and share-swap ratio, questioning the fairness of the deal. - The Reserve Bank of India approved the delisting of ICICI Securities and its transformation into a wholly-owned subsidiary of ICICI Bank, subject to certain conditions.