ICICI Securities Shareholders Approved the Merger Proposal with ICICI Bank

ICICI Securities shareholders had approved the merger with ICICI Bank with 72% votes. According to an exchange filing on Thursday, broking firm ICICI Securities shareholders are in favour of this merger deal with its promoter ICICI Bank. 

The merger was voted on following an NCLT order of February 14, 2024, to consider approving the scheme. The meeting was attended by 161 equity shareholders of ICICI Securities, including authorised representatives.

Out of 68,048,133 votes casted by public shareholders, the voters in the favour of the merger are 48,917,332. Whereas, the voters in favour of the merger are 19,130,801 which was 28.11%.

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ICICI Securities and ICICI Bank Share Price Reaction

ICICI Securities share price fell 3% on Thursday morning, March 28, 2024 and trading at Rs 718 per share. Whereas, ICICI Bank share price reacted positively and up by 1.74% on intraday.

According to the proposed delisting scheme, ICICI Securities shareholders will get 67 shares of ICICI Bank for every 100 shares held.

ICICI Bank has been under the fire for allegedly coaxing minority shareholders of ICICI Sec. to support the private lender proposal to delist the broking and investment banking arm. 

The move comes after some equity shareholders of ICICI Securities claimed on social media that the bank’s executives had contacted them and asked them to vote in favour of the delisting proposal.

Stock exchanges have sought clarification from ICICI Securities and ICICI Bank on media reports suggesting that bank employees contacted retail shareholders of ICICI Securities. 

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