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ICICI Bank to consider delisting of ICICI securities
June 26, 2023
The board of directors of India’s second largest private lender ICICI Bank will meet on June 29, Thursday, to consider a proposal for delisting of its institutional and retail broking arm ICICI Securities.
In its filing to the exchanges on Monday ahead of market opening hours, the lender said that the proposal to delist ICICI Securities will be in accordance with Sebi (Delisting) regulations.
“We wish to inform you that a meeting of the board of directors of ICICI Bank is scheduled to be held on Thursday, June 29, 2023 to, inter alia, consider a proposal for delisting of equity shares of ICICI Securities, a listed subsidiary company of the Bank, pursuant to a scheme of arrangement with the bank under Chapter VI, Part C, Regulation 37 of the Sebi (Delisting of Equity Shares) Regulations, 2021,” the exchange filing said.
On Friday shares of ICICI Securities had ended with nearly 9% gains despite the frontline indices S&P BSE Sensex and Nifty 50 ending in the red. The stock has rallied by over 12% in the last three trading sessions.
ICICI Securities has reported a consolidated net profit of ₹263 crore for the quarter ended March, down 23% as against ₹340 crore reported in the corresponding period of last year. Revenue from operations during the quarter stood at ₹885 crore, also down marginally as against ₹892 crore in the year-ago period. The income from interest for the quarter came in at ₹287 crore, up 35% year-on-year, while brokerage income stood at ₹310 crore.
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