ICICI Bank Approves ICICI Securities Delisting; Shares Fall Over 3% - News18
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Last Updated: June 30, 2023, 11:30 IST ICICI Securities share price fell over 3 per cent in the early trade on Friday after ICICI Bank approved the delisting of ICICI Securities in a share swap deal that would make it the bank’s wholly-owned subsidiary, ending the securities business’ short life as a listed entity. The lender has valued the investment bank’s shares at Rs 628.09 apiece, a premium of 2.25 per cent to Wednesday’s closing price, and more than 11 per cent to its undisturbed price before the plan was announced on Sunday. The company had on Thursday announced that it will become a wholly owned subsidiary of its parent company ICICI Bank upon delisting. The public shareholders of ICICI Securities would get 67 equity shares of face value Rs 2 each of ICICI Bank for every 100 equity shares of the company. The board of ICICI Bank has also approved the delisting of ICICI Securities. The draft scheme of arrangement for delisting of equity shares of ICICI Securities was