ICICI Securities to be Suspended from Mar 24: Record Date Fixed, Swap Ratio & Other Details

ICICI Bank and its broking subsidiary, ICICI Securities, have successfully completed the scheme of arrangement for the latter’s delisting. As per an exchange filing, the private lender announced that ICICI Securities Ltd’s equity shares would be suspended from trading on March 24, 2025.

The delisting follows the National Company Law Appellate Tribunal’s (NCLAT) ruling, which dismissed petitions challenging the process. With this development, ICICI Securities is set to become a wholly-owned subsidiary of ICICI Bank.

Swap Ratio and Record Date for Shareholders

To compensate eligible shareholders of ICICI Securities, ICICI Bank has announced a swap ratio of 67:100. This means that shareholders will receive 67 equity shares of ICICI Bank for every 100 equity shares of ICICI Securities they hold. The record date to determine eligible shareholders has been set for March 24, 2025.

In its regulatory filing, ICICI Securities stated: “The Board of Directors of the company, approved Monday, March 24, 2025, as the ‘record date’ for determining the public shareholders of the company whose Equity Shares will stand cancelled and to whom the new equity shares of ICICI Bank will be issued as per the swap ratio set out in the scheme.”

ICICI Securities Share Price Performance

Following the announcement, shares of ICICI Securities Ltd opened at level of ₹830.20 on March 13, 2025. The company’s market capitalisation currently stands at approximately ₹27,000 crore.

Key stock performance metrics:

• 52-week high: ₹922.45
• 52-week low: ₹672.05
• One-year price change: +10.30%

NCLAT Ruling and Shareholder Reactions

The NCLAT’s dismissal of petitions challenging the delisting process has paved the way for ICICI Bank to consolidate its ownership over ICICI Securities. The appellate tribunal ruled on March 10, 2025, that the appellants had failed to demonstrate any procedural irregularities in the delisting process.

The proposal has seen strong shareholder backing, with:

• 93.82% of total equity shareholders supporting the move
• 71.89% of public shareholders in favour

However, a section of retail investors has raised concerns over the share swap ratio, arguing that ICICI Securities has been undervalued in the arrangement. Some minority shareholders had filed objections with the National Company Law Tribunal (NCLT), citing perceived inequity in the valuation process.

NCLAT, however, dismissed these concerns, stating that speculative litigation by a minority group should not obstruct the broader shareholder consensus and corporate objectives.

What Lies Ahead?

With regulatory approvals in place and shareholder consent secured, ICICI Securities will soon cease to exist as an independent listed entity. The transition will mark a strategic move for ICICI Bank, reinforcing its position in the financial services domain by fully integrating its broking arm.

Shareholders of ICICI Securities are set to receive their ICICI Bank shares post-March 24, 2025, as per the approved swap ratio. Meanwhile, market participants will closely monitor the impact of this consolidation on ICICI Bank’s financials and stock performance in the coming months.

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