M&A

M&A

NCLT approves delisting of ICICI Securities, dismisses minority shareholders' petition

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The Mumbai bench of the National Company Law Tribunal (NCLT) approved the delisting application of ICICI Securities and rejected objections filed by minority shareholder Quantum Mutual Fund (which held 0.08% stake) and Manu Rishi Gupta (who held 0.002%).ICICI Securities, promoted by ICICI Bank, is a leading retail-led equity broking services provider, distributor of financial products and investment bank.The NCLT order has approved the Scheme of Arrangement under which shareholders of ICICI Securities (ISEC) will get 67 shares of ICICI Bank for every 100 shares they hold.Following delisting, ICICI Securities will become a wholly-owned subsidiary of the bank.