To give some background, in June 2023, ICICI Securities announced plans to delist and merge with its parent company, ICICI Bank. As part of the approved scheme, shareholders were set to receive 67 shares of ICICI Bank for every 100 shares of ICICI Securities. In March 2024, nearly 72% of shareholders supported this plan.
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However, two shareholders—Quantum Mutual Fund and Manu Rishi Gupta—opposed the move. They argued that the share swap ratio was unfair to minority shareholders and challenged the decision in the National Company Law Tribunal (NCLT). In August 2024, the NCLT ruled in favor of ICICI Securities’ delisting, prompting both parties to escalate their appeals to the NCLAT.
Now, with NCLAT dismissing all six appeals from Quantum MF and Manu Rishi Gupta, a major hurdle for the delisting process has been removed. This decision has been positive for the stock, which has seen a notable recovery.
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