ICICI Bank approves ICICI Securities delisting, swap ratio at 67 for 100

Mumbai: ICICI Bank approved the delisting of ICICI Securities in a share swap deal that would make it the bank's wholly-owned subsidiary, ending the securities business' short life as a listed entity.

The lender has valued the investment bank's shares at ₹628.09 apiece, a premium of 2.25% to Wednesday's closing price, and more than 11% to its undisturbed price before the plan was announced on Sunday.

"The scheme of arrangement involves the cancellation of ICICI Securities shares and the issue of ICICI Bank equity shares in exchange based on the share exchange ratio," the bank said in a filing with the stock exchange.


ICICI Bank held 74.85% stake in ICICI Securities and the remaining was with public.

ICICI Bank listed ICICI Securities in an initial public offering in April 2018 selling shares at ₹520 apiece.

Since then, the stock underperformed the broader market for much of the time.

As the bank is reinventing itself under chief executive Sandeep Bakhshi, it is reorganising the businesses.

One of the reasons driving the delisting is said to be the overlap of businesses between the bank and the subsidiary like in wealth management.