ICICI Bank to delist securities arm, okays share swap ratio

New Delhi, June 29

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ICICI Bank on Thursday approved a proposal to delist ICICI Securities and become a wholly owned subsidiary of the bank after delisting. It began operations in May 1995 and continues to grow through expanding its client base and providing different types of services.

Scheme of arrangement

• Public shareholders of ICICI Securities would be allotted 67 equity shares of ICICI Bank for every 100 equity shares of ICICI Securities

The Board of Directors of ICICI Bank at its meeting held on Thursday approved the draft scheme of arrangement for the delisting of equity shares of ICICI Securities by issuing equity shares of the bank to the public shareholders of the subsidiary company in lieu of cancellation of their equity shares, the bank said.