ICICI Securities delisting: Record date today; key details

ICICI Securities delisting: ICICI Securities Ltd will be in focus on Monday as today is the record date for the scheme for arrangement between the company, the company's shareholders and ICICI Bank. The brokerage had announced a delisting proposal on June 29, 2023. The swap ratio was set at 67:100 i.e. the shareholders of ICICI Securities would receive 67 ICICI Bank shares for every 100 shares they held in the broking firm. The final regulatory approvals for the same were received from Ahmedabad and Mumbai benchs. Today is the record date for the same. ICICI Securities will now be a wholly-owned subsidiary of ICICI Bank.

"The board of directors of the company, at its meeting today i.e. March 11, 2025, approved Monday, March 24, 2025 as the ‘record date’ for the purpose of determining the public shareholders of the company whose equity shares will stand cancelled and to whom the new equity shares of ICICI Bank will be issued as per the swap ratio set out in the scheme," ICICI Securities said on March 11.

With this, the scrip ceased to trade. It settled at Rs 895.70 apiece on Friday.

The delisting proposal had garnered strong backing, with 93.82 per cent of total equity shareholders and 71.89 per cent of public shareholders supporting it. This was in excess of the requisite majority of two-thirds of the public shareholders’ votes required under applicable SEBI regulation.

But certain shareholders of the company had filed objections to the scheme. On March 10, the National Company Law Appellate Tribunal, New Delhi (NCLAT) passed two orders in connection with the scheme of arrangement amongst the company, ICICI Bank Ltd and their respective shareholders, dismissing all the appeals filed by minority shareholders of the company i.e. Manu Rishi Guptha (holding 0.002 per cent shares of the company) and Quantum Mutual Fund (holding 0.08 per cent shares of the company). Shares of ICICI Securities have risen 4 per cent in 2025 so far. The stock is up 20 per cent in the past one year.

The delisting of ICICI Securties aimed to streamline operations and enhance corporate governance by integrating ICICI Securities more closely with its core banking operations. This move is seen optimising efficiency and drive competitive advantage in the financial services sector.