The National Company Law Tribunal (NCLT) Ahmedabad Bench has approved the Scheme of Arrangement between ICICI Bank Limited and ICICI Securities Limited, as well as their respective shareholders. The order was passed on October 9, 2024, marking a key development in the restructuring process for both entities.
Key developments:
- Approval of the scheme: The NCLT sanctioned the petition related to the Scheme of Arrangement between ICICI Bank and ICICI Securities, allowing for the merger of ICICI Securities with its parent entity, ICICI Bank.
- Dismissal of objections: The tribunal also dismissed objections filed by Quantum Mutual Fund and Manu Rishi Guptha against the Scheme, disposing of the applications (IA 55(AHM) 2024 and Inv. P. 1(AHM)/2024).
ICICI Bank, in its regulatory filing, confirmed the NCLT’s approval of the Scheme, which is expected to streamline the corporate structure and enhance business efficiencies for both companies.
The NCLT’s order has been made available on the tribunal’s official website, and ICICI Bank has submitted the disclosure to the BSE Limited, National Stock Exchange of India, and other international stock exchanges where it is listed.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial or investment advice. Stock market investments are subject to market risks. Readers are advised to seek independent financial advice before making any investment decisions. The author and the publication are not responsible for any losses incurred based on the information provided.