ICICI Securities shares in focus as BSE, NSE approve delisting proposal

Shares of ICICI Securities Ltd and ICICI Bank Ltd will be in focus in Thusrday's trade, as the latter received 'no objection' letters from the stock exchanges BSE and NSE for the delisting shares of the broking firm.

In a filing to BSE, ICICI Securities said the scheme of arrangement is subject to receipt of requisite approvals from the shareholders and creditors of ICICI Bank and the company, National Company Law Tribunal and other regulatory and statutory authorities under applicable law as well as compliance with the terms and conditions.

To recall, a draft scheme of arrangement for delisting of ICICI Securities was announced on June 29, according to which ICICI Bank would issue its shares to the ICICI Securities' public shareholders in lieu of cancellation of their shares in ICICI Securities, thereby making the broking firm a wholly-owned subsidiary of ICICI Bank.

On July 15, ICICI Securities filed applications with NSE and BSE in connection with the proposed scheme of arrangement. ICICI Bank received of approval from the Reserve Bank of India (RBI) regarding the same on November 9, subject to certain conditions.

"In this regard, we would like to inform you that the Bank is in receipt of observation letters communicating ‘No Objection’ dated November 28, 2023 and November 29, 2023 from National Stock Exchange of India Limited and BSE Limited respectively. The copies of said letters are being made available on the website of the bank," ICICI Bank said.

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