ICICI Securities share price jumped 15% to Rs 650 and hit a 52-week high today after ICICI Bank said that it will consider a proposal for the delisting of ICICI Securities stock. ICICI Bank shares rose 0.7% to Rs 930.15. ICICI Bank owned 24,16,52,692 shares, or 74.85 per cent stake, in ICICI Securities as on March 31. The brokerage firm reported a consolidated net profit of Rs 263 crore for the quarter ended March, down 23% as against Rs 340 crore reported in the corresponding period of last year. ICICI Securities stock has jumped 23% in the last one month and over 40% in the last one year.
“A meeting of the Board of Directors of ICICI Bank Limited (‘the Bank’) is scheduled to be held on Thursday, June 29, 2023, to, inter alia, consider a proposal for delisting of equity shares of ICICI Securities Limited (“ICICI Securities”), a listed subsidiary company of the Bank, pursuant to a scheme of arrangement with the Bank under Chapter VI, Part C, Regulation 37 of the SEBI (Delisting of Equity Shares) Regulations, 2021,” said ICICI Bank.