Leading private lender ICICI Bank has approved the allotment of over 5.6 crore equity shares of the bank to the shareholders of financial services firm ICICI Securities, as per the share swap ratio, turning the financial services firm into a wholly-owned subsidiary, an exchange filing said March 26.
"The allotted equity shares shall be listed on BSE Limited and National Stock Exchange of India Limited and shall rank pari-passu in all respects with the existing equity shares of the Bank including dividend," ICICI Bank said in an exchange filing.
The shares of ICICI Securities were deemed to have been delisted from exchanges BSE and NSE from March 24 onwards, as was intimated earlier in an exchange filing. BSE said the stock has been ‘suspended due to procedural reasons’, and the public shareholders of the broking firm would be allotted 67 equity shares of ICICI Bank for every 100 equity shares of ICICI Securities.
In June 2023, ICICI Securities had announced its plans to delist from stock exchanges and merge with its parent ICICI Bank. The share swap ratio was arrived upon based on a valuation conducted by two registered valuers, PwC Business Consulting Services and EY Merchant Banking.
ICICI Bank’s shares were trading with marginal losses at Rs 1,341 apiece, as of 12.40 pm. The stock has seen a significant surge in recent days, rising nearly 10 percent in the past one month, hitting a 52-week high on the record date (March 24).
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
