ICICI Securities shareholders have approved a scheme of arrangement for the de-listing of the company, paving the way for it to become a wholly-owned subsidiary of ICICI Bank Ltd.
The voting results indicated that 83% of public institutions supported the scheme, while a significant 67.82% of public non-institutions opposed the resolution.
The National Company Law Tribunal (NCLT) convened a meeting of ICICI Securities’ equity shareholders on Wednesday, March 27, 2024, at 5:30 pm.
For a scheme to be approved, it requires the majority approval of three-fourths of the equity shareholders. In the case of ICICI Securities, the resolution garnered 71.88% of the total votes in favor.
The meeting, which included 161 equity shareholders and authorized representatives participating via video conferencing, deliberated on the arrangement outlined in the Scheme of Arrangement between ICICI Bank Limited and ICICI Securities as per the provisions of Section 230 of the Companies Act, 2013.
ICICI Securities issued a statement, confirming the meeting’s proceedings and purpose.
As of 10:38 am, the company’s shares were trading 2.84% lower at ₹720.60.
