ICICI Securities sets record date for share cancellation

ICICI Securities has announced today, March 24, 2025, as the record date for its delisting process. This is important for determining which public shareholders will see their shares canceled. The delisting comes after ICICI Securities agreed to merge with ICICI Bank on June 29, 2023. As part of this merger, shareholders of ICICI Securities will receive 67 shares of ICICI Bank for every 100 shares they own. The final approvals for this merger were granted by regulatory bodies in Ahmedabad and Mumbai. On March 11, ICICI Securities confirmed the record date for the delisting and announced that new equity shares of ICICI Bank would be issued based on the merger ratio. Recently, the National Company Law Appellate Tribunal in New Delhi dismissed appeals from minority shareholders against the merger, allowing the process to move forward. The delisting proposal received strong support from investors, with over 93% of total equity shareholders and nearly 72% of public shareholders in favor. This exceeded the necessary two-thirds majority required by regulations. ICICI Securities' stock has seen an increase of 4% in 2025 and a total rise of 20% over the past year. This merger is considered a strategic effort for ICICI Bank to streamline its operations and improve governance by integrating ICICI Securities into its banking services. The move aims to boost efficiency and competitiveness in the financial sector.