ICICI Securities' shares hit 52-week high as company's board to consider delisting on June 29

ICICI Securities delisting news, ICICI Securities share price NSE: Shares of ICICI Securities rose nearly 15 per cent and touched a new 52-week high on Monday after the domestic brokerage informed the bourses that the company board would consider delisting its shares in a meeting on June 29 (Thursday). The stock gained as much as nearly 15 per cent in the opening deals to touch a new 52-week high of Rs 647 from the previous close of Rs 563.05 on the NSE. At the time of writing the copy, the stock quoted Rs 612.4 apiece, up by Rs 49.35, or 8.76 percent, on the NSE. ICICI Securities is promoted by ICICI Bank.

"A meeting of the board of directors of the company is scheduled to be held on Thursday, June 29, 2023, to consider a proposal for delisting of equity shares of the company," ICICI Securities' regulatory filing read.

Commenting on ICICI Securities' delisting proposal, Prashanth Tapse, Senior VP (Research), Mehta Equities, said, "In a voluntary delisting offer, the stock usually reacts positively on the assumption of a higher exit price for shareholders determined through a reverse book-building process. If we go through history, in April 2018, the Rs 4,000 crore IPO received a poor response and was undersubscribed by 78 per cent during the three-day bidding process."

"On the listing date, it was listed below the issue price, and since then, the stock has mostly underperformed as compared to benchmark indices. However, at Friday's close, the stock was trading above its issue price. ICICISEC feels it is the right time to take a call on this corporate decision. It would be difficult to assume the exact reason for such a surprising decision from the management," Tapse added.

ICICI Securities share price history

ICICI Securities' stock has given a positive return of nearly 48 per cent in the last 12 months (since June 27, 2022). In comparison, the headline index, Nifty50, has rallied nearly 18 per cent.
ICICI Securities was listed on the NSE, BSE on April 4, 2018.

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