‘No objection’ from stock exchanges for ICICI Securities’ delisting plan

ICICI Securities’ plan for delisting has received a ‘No-Objection’ from stock exchanges, as per the market regulator’s website.

The Securities and Exchange Board of India (Sebi) on its website has disclosed that it received a No-Objection Certificate (NOC) from the exchange on October 12 and that the brokerage firm’s scheme was under process.

In its earnings call on October 16, the exchange had told analysts that it was awaiting exchange approval following which it will go to the National Company Law Tribunal (NCLT) and then seek shareholder approval.

“We expect it could be a quarter or two from here until completion of the process,” said Harvinder Jaspal, Chief Financial Officer (CFO), ICICI Securities in the call. In June, the board of ICICI Securities approved delisting the company post which it will become a wholly-owned subsidiary of ICICI Bank.

For each 100 shares of ICICI Securities, the public shareholders would be allotted 67 shares of ICICI Bank.