ICICI Securities rises, ICICI Bank falls amid reports of lender influencing shareholders to favour delisting

ICICI Securities rose while ICICI Bank fell in morning deals on BSE on Wednesday (March 27, 2024) after reports that the lender was calling minority shareholders and asking them to back the plan of the delisting of the former. 

Tuesday (March 26, 2024) was the last day of shareholder voting for the delisting of ICICI Securities.

There are reports that ICICI Bank asked to vote in favour of delisting proposal through calls and Whatsapp messages.

Some of the shareholders have shared screenshots on social media.

There are also reports that the lender is asking for OTP in the e-voting process.

ICICI Securities will discuss the resolution of the delisting of the company at a virtual meeting today (March 27).

Capital Mind's Deepak Shenoy wrote on X that ICICI Bank's alleged actions of influencing shareholders could result in Sebi scrutiny.

Icici Bank has been a little too aggressive in canvassing votes for their merger into icici securities. As a majority holder and interested party in isec they couldn't vote. So they have called shareholders and asked them to vote...pushing for an approval. This might be legal,… https://t.co/gMmup32ATl

— Deepak Shenoy (@deepakshenoy) March 26, 2024

"They have called shareholders and asked them to vote...pushing for an approval. This might be legal, but it leaves a bad taste, especially asking for email confirmations of the votes. We own a position in the bank but it doesn't look good to do this, plus could call for Sebi action on undue influence. Kindly refrain," Shenoy posted.

Here's how ICICI Bank and ICICI Securities stocks are trading amid reports of the lender influencing minority shareholders.

ICICI Bank share price

Staring trading at Rs 1088.95 on Wednesday, the bank slipped to Rs 1082.95 in the morning, a 0.50 per cent dip from the previous close of Rs 1084.05. 

The stock, however, recovered a bit and was trading higher by 0.39 per cent, or Rs 4.25, at Rs 1088.30 at 1:52 pm on Wednesday.

ICICI Securities share price

The stock jumped by over one per cent in the morning session to the day's high of Rs 747.00 after previous close of Rs 739.15.

ICICI Securities shares which opened at Rs 730.05 on Wednesday were trading up by 0.89 per cent, or Rs 6.55, at Rs 745.70 each.

What will happen after ICICI Securities' delisting?

Through share swap, 67 shares of ICICI Bank will be available for 100 shares of ICICI Securities.

The ICICI Securities IPO priced at Rs 520 per share came in April 2018.

The total client base of the company is 97 lakh. The market share of it is 10.5 per cent in the retail cash market.

It also has a 7.5 per cent market share of retail option premium.