ICICI Bank Ltd. is set to consider a proposal to delist ICICI Securities Ltd. later this week. India's second-largest private bank's board of directors will consider the proposal on Thursday along with the board of ICICI Securities, according to an exchange filing on Sunday.
India's second-largest private bank's board of directors will consider the proposal on Thursday along with the board of ICICI Securities, according to an exchange filing on Sunday.
ICICI Securities is a listed subsidiary of ICICI Bank and is among India's five largest stock brokers. It debuted on the exchanges for the public in April 2018. The proposal to delist ICICI Securities will involve shareholders' receiving shares of ICICI Bank in lieu of their shareholding in ICICI Securities, according to regulatory provisions under which the bank is considering the scheme of arra
The proposal to delist ICICI Securities will involve shareholders' receiving shares of ICICI Bank in lieu of their shareholding in ICICI Securities, according to regulatory provisions under which the bank is considering the scheme of arrangement.
Holding companies are required to provide shares in exchange for delisting a subsidiary when both the holding company and the subsidiary are in the same line of business, according to Securities and Exchange Board of India regulations. ICICI Bank currently holds 74.85% stake in ICICI Securities, according to exchange data.
(With inputs from agencies)