7 Sep 2023 , 10:42 AM
According to reports, Norway’s government pension fund manager and an Indian PMS are likely to vote against the move to delist ICICI Securities as investor concern about the stock’s poor valuation rises.
Norges Bank Investment Management’s Government Pension Fund Global in Norway owns 3.13% of ICICI Securities. A portfolio management business based in southern India, which owns 3% of the company, is also opposed to the delisting. While PMS directly credits the shares to its clients’ accounts, it retains the power of attorney to operate and vote on those shares.
ICICI Securities said on June 29 that it will delist and become a wholly-owned subsidiary of its parent business, ICICI Bank. For every 100 equity shares of the corporation, public shareholders of the broking firm would receive 67 equity shares of ICICI Bank.
The idea has been approved by the boards of both ICICI Bank and ICICI Securities, who believe it will result in more synergies. However, clearances from both firms’ shareholders and creditors, the Reserve Bank of India, the National Company Law Tribunal, and stock exchanges are waiting.
At around 10:36 AM, ICICI Bank was trading 0.29% higher at Rs 960.25, against the previous close of Rs 957.50 on NSE.
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