Moneycontrol PRO
HomeNewsBusinessNSE and BSE grant approval to ICICI Bank for delisting ICICI Securities shares

NSE and BSE grant approval to ICICI Bank for delisting ICICI Securities shares

Earlier, on June 26, the lender announced that it will be considering a proposal for the delisting of ICICI Securities, a subsidiary of the bank.

November 29, 2023 / 18:13 IST
ICICI Bank

ICICI Securities had on June 29 announced that it will delist and become a wholly owned subsidiary of its parent company ICICI Bank.

Private sector lender ICICI Bank, on November 29, announced that it has received approval from the National Stock Exchange (NSE) and Bombay Stock Exchange for delisting the shares of ICICI Securities. The lender stated in an exchange notification that it received letters on November 28 and November 29 from the exchanges.

“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 the National Stock Exchange of India Limited and BSE Limited, respectively,” the lender mentioned in the notification.

On November 9, ICICI Bank received approval from the Reserve Bank of India (RBI) to make ICICI Securities its wholly-owned subsidiary.

“We would like to inform you that today the bank has received approval from the Reserve Bank of India for making ICICI Securities a wholly-owned subsidiary, subject to certain conditions,” the bank stated in an exchange notification on November 9.

Earlier, on June 26, the lender announced that it would be considering a proposal for the delisting of ICICI Securities, a subsidiary of the bank.

Explaining the rationale behind the decision, ICICI Bank on June 26 said, "ICICI Securities is a low capital-consuming business, and the internal accruals are more than adequate to fund business growth. ICICI Bank is not expected to be required to make additional capital infusion into the company."

Following this, ICICI Securities announced on June 29 that it would delist and become a wholly-owned subsidiary of its parent company, ICICI Bank.

Moneycontrol News
first published: Nov 29, 2023 06:13 pm

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!

Subscribe to Tech Newsletters

  • On Saturdays

    Find the best of Al News in one place, specially curated for you every weekend.

  • Daily-Weekdays

    Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347