Trading in equity shares of ICICI Securities will be suspended on March 21 with impact of trading for hours. On March 24, there is a record date for the company’s public shareholders to determine, whose equity shares will be canceled and for which the new equity shares of ICICI Bank will be released according to the swap ratio set in the scheme.
The move was opposed by minority shareholders of ICICI Securities, who filed a case with the National Company’s law Appellate Tribunal, stating that it incorrectly favor the stockholders of ICICI Bank.
Despite the move, the proposal gained popular support with 93.82% private shareholders and 71.88% public shareholders. The NCLAT ruled in favor of ICICI Bank that minority shareholders failed to showcase the illegal nature of delisting and swap-share ratio.
(Tagstotransite) ICICI Bank Limited (T) ICICI Securities Limited
