AgenciesThe lender has valued the investment bank's shares at ₹628.09 apiece, a premium of 2.25% to Wednesday's closing price, and more than 11% to its undisturbed price before the plan was announced on Sunday.
"The scheme of arrangement involves the cancellation of ICICI Securities shares and the issue of ICICI Bank equity shares in exchange based on the share exchange ratio," the bank said in a filing with the stock exchange.
ICICI Bank held 74.85% stake in ICICI Securities and the remaining was with public.
ICICI Bank listed ICICI Securities in an initial public offering in April 2018 selling shares at ₹520 apiece.
Since then, the stock underperformed the broader market for much of the time.
As the bank is reinventing itself under chief executive Sandeep Bakhshi, it is reorganising the businesses.
One of the reasons driving the delisting is said to be the overlap of businesses between the bank and the subsidiary like in wealth management.
Thursday, 29 Jun, 2023- Front Page
- Pure Politics
- Companies
- ET Markets
- More
Tax on Overseas Credit Card Spends Held BackOverseas credit card spending will not face tax collected at source (TCS) as it will not be counted under the Liberalised Remittance Scheme (LRS), the finance ministry said on Wednesday. Overseas transfers up to ₹7 lakh under the scheme will also not face TCS.
Sebi Board OKs Stricter Disclosure Rules for FPIsThe board of the Securities and Exchange Board of India on Wednesday approved tighter disclosure rules for foreign portfolio investors (FPIs), to curb misuse of overseas investment routes and prevent violation of public shareholding regulations.
GQG Partners, Others Invest $1b in Two Adani CosAdani Group on Wednesday sold shares in listed companies Adani Enterprises and Adani Green Energy in an open market transaction to raise ₹8,372 crore ($1 billion).
Read More News on
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Get Unlimited Access to The Economic Times 
