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.
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!
