Public shareholders of ICICI Securities would be allotted 67 equity shares of ICICI Bank for every 100 equity shares of the company
ICICI Securities on June 29 announced that the broking firm will delist and become a wholly owned subsidiary of its parent company ICICI Bank. Public shareholders of ICICI Securities would be allotted 67 equity shares of ICICI Bank for every 100 equity shares of the company.
"The scheme is subject to receipt of requisite approvals from ICICI Bank and the company's shareholders' and creditors, Reserve Bank of India, National Company Law Tribunal, stock exchanges, and other regulatory and statutory authorities," the exchange filing stated.
On June 28, ICICI Securities' stock closed at Rs 615.95 and ICICI Bank closed at Rs 939.95 on the NSE. Based on this, the share swap ratio indicates that ICICI Securities' shareholders getting only a two percent premium.
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