ICICI Bank gets RBI nod for making ICICI Securities its wholly-owned subsidiary

Mumbai: ICICI Bank said on Thursday that it has received the Reserve Bank of India’s (RBI) clearance for making ICICI Securities its wholly-owned subsidiary.

"We would like to inform you that today the bank has received approval from Reserve Bank of India for making ICICI Securities a wholly owned subsidiary, subject to certain conditions," the bank said in an exchange notification.

ICICI Securities had on June 29 announced that it will delist and become a wholly-owned subsidiary of its parent company ICICI Bank.

"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," ICICI Securities told the exchange on June 29.

ICICI Securities had first entered the stock exchange in April 2018 with a Rs 4,000 crore IPO.