ICICI Securities: Shareholders approach NCLT over ICICI Bank's brokerage arm's delisting plan

economictimes.indiatimes.com:

ICICI Bank's plan to delist its broking arm ICICI Securities from Indian bourses.
ET on April 24 had reported Manu Rishi Guptha would approach the NCLT against the private lenders' plans. As per the scheme, shareholders of ICICI Securities would receive 67 shares of ICICI Bank for every 100 equity shares held in ICICI Securities.

Empower Your Corporate Journey with Strategic Skill Courses

In the previous month, ICICI Securities disclosed that approximately 72 per cent of its shareholders supported the delisting and subsequent merger with ICICI Bank, despite most retail investors being against the proposal.

Shareholders of the brokerage company on March 28 cast their votes on the plan to remove the company from the stock exchange and turn it into a wholly-owned subsidiary of its parent company, ICICI Bank. Additionally, 83.8 per cent of institutional investors supported the proposal, whereas 67.8 per cent of non-institutional investors opposed it.

Sources had informed ET that over 200 retail shareholders of the brokerage were raising money to object the scheme of arrangement in the NCLT.
«We are currently evaluating various options available to protect the interest of our investors,» Ajit Dayal, founder of Quantum Advisors, sponsor of Quantum Mutual Fund had told ET earlier.
Quantum MF alleged that the merger was flawed