Read on the application
Private sector ICICI Bank has said that the National Stock Exchange (NSE) and the Bombay Stock Exchange have approved the de-listing of shares of ICICI Securities. ICICI Bank further said, “We would like to inform you that the Bank has received ‘No Objection’ observation letters from National Stock Exchange of India Limited and BSE Limited dated November 28, 2023 and November 29, 2023 respectively. De-listing means that you will not be able to buy or sell shares of the concerned company on the stock exchange. The company takes these steps voluntarily or sometimes a decision is taken by the stock exchange.
RBI approval
Last November 9, Reserve Bank of India (RBI) got approval from ICICI Bank to establish full ownership of ICICI Securities. “We would like to inform you that today the Bank has received approval from the Reserve Bank of India to form a wholly owned subsidiary of ICICI Securities subject to certain conditions,” the bank said in an exchange notice on November 9.
What happened when
Earlier on June 26, it had announced its intention to review the proposal for de-listing of ICICI Bank subsidiary ICICI Securities. Jun 26 said- ICICI Securities is a low capital business. The bank does not need to inject additional capital into the company. Subsequently, on 29 June, ICICI Securities announced its intention to convert its parent company, ICICI Bank, into a wholly owned subsidiary.
What were the results of the company: According to brokerage firm ICICI Securities, the company posted a profit of ₹424 crore in the September quarter, up 41 percent from the year-ago period. The ICICI Group company’s total revenue rose 44 percent to ₹1,249 crore in the September 2022 quarter compared to ₹865.63 crore.