ICICI Securities hit 52-week high as board to consider delisting proposal on Jun 29

New Delhi: Private lender ICICI Bank on Monday said its board will meet on Thursday to consider a proposal to delist its subsidiary ICICI Securities from the stock exchanges.

Following the announcement, shares of ICICI Securities surged 15 per cent in intra-day to hit their 52-week high of Rs 650 apiece on the BSE. In a regulatory disclosure to the stock exchanges, the private sector lender said, "a meeting of the board of directors of ICICI Bank Ltd is scheduled to be held on Thursday, June 29, 2023, to consider a proposal for delisting of equity shares of ICICI Securities Ltd, a listed subsidiary company of the bank, pursuant to a scheme of arrangement with the bank under ... Sebi (Delisting of Equity Shares) Regulations, 2021". Separately, ICICI Securities also announced its board of directors would meet on Thursday to consider the same. ICICI Securities, which is promoted by ICICI Bank, is the country's leading retail-led equity franchise, distributor of financial products, and investment bank.

The company began its operation in May 1995 and continues to grow its operation through expanding its client base and providing different type of services. At 3.21 pm, shares of ICICI Securities were trading 10.68 per cent higher at Rs 624 on the BSE, while that of the parent company were quoting marginally higher at Rs 927.40 on the bourse.