NCLT Approves ICICI Securities Delisting: Minority Shareholders' Objections Rejected

The National Company Law Tribunal in Mumbai has approved the delisting application for ICICI Securities from stock exchanges, dismissing objections from minority shareholders. According to the Scheme of Arrangement, ICICI Securities' shareholders will receive 67 ICICI Bank shares for every 100 shares they hold. Post delisting, ICICI Securities will be a wholly-owned subsidiary of ICICI Bank.

The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday approved the delisting application of ICICI Securities from the stock exchanges, rejecting objections from minority shareholders.

The NCLT, via an oral order, endorsed the Scheme of Arrangement for delisting ICICI Securities' shares. Under the scheme, shareholders will get 67 shares of ICICI Bank for every 100 shares of ICICI Securities they own.

Objections from minority shareholders, including Quantum Mutual Fund and Manu Rishi Gupta, were overruled. Despite their opposition, the scheme had earlier gained approval from 93.8 per cent of ICICI Securities’ equity shareholders. Post delisting, ICICI Securities will operate as a wholly-owned subsidiary of ICICI Bank.

ICICI Securities, promoted by ICICI Bank, is a prominent retail-led equity franchise, distributor of financial products, and investment bank in India. In a separate development, ICICI Securities disclosed a settlement with market regulator Sebi over an alleged regulatory violation, following a Rs 69.82 lakh payment.