Norges in favour of ICICI Securities delisting

livemint.com:

ICICI Securities Ltd its wholly-owned subsidiary. On Friday, Norges Bank Investment Management, which is the single-largest public shareholder in ICICI Securities, voted in favour of the resolution, according to a filing reviewed by Mint. Norway’s $1.55 trillion sovereign wealth fund is an influential voice in deciding the outcome of whether ICICI Securities would continue as a standalone listed business entity, as it owns 3.2%.

Both ICICI Bank and ICICI Securities have sought shareholder approval on the bank’s decision to delist the brokerage business. The voting on the resolution ends on Wednesday, 27 March. Parent ICICI Bank owns a 74.85% stake in the company, with the remaining 25.23% held by public shareholders.

Two-thirds, or 16.8%, of public shareholders of ICICI Securities need to approve the proposal. After Norges’s approval, parent ICICI Bank needs a nod from 13.6% of 22.23% public shareholders of ICICI Securities. Life Insurance Corp.

of India, the second-largest public shareholder, owns 2.58%. Boston-based Fidelity, a large money manager managing over $10 trillion in assets under management, owns 1.29%, and California-headquartered Capital Group, which has $2.6 trillion in assets under management, owns 1.26%. Another investor, California Public Employees’ Retirement System (CalPERS), which has about $500 billion of assets under management, has rejected the proposal, according to a filing made by the money manager.