Understanding ICICI Securities’ Delisting and its Swap Ratio

On March 21, equity shares of ICICI Securities will be suspended from trading after market hours. This follows news of its merger with ICICI Bank. Here we explain the details of the swap ratio for you.

The ICICI Securities Swap Ratio Explained

ICICI Bank will offer shares to ICICI Securities’ shareholders. The swap ratio is fixed at 67:100. This implies that for every individual holding 100 shares of ICICI Securities, ICICI Bank will provide 67 shares.

Stating simply, if you hold ICICI Securities shares, you will instead receive ICICI Bank’s shares.

As of 3.30 PM on March 20, ICICI Bank share price was up 0.42% and closed at ₹1,318.55.

The record date is March 24, 2025, for this conversion. Those holding ICICI Securities’ shares on or before this date will be eligible to receive shares from ICICI Bank.

Shareholder Votes and Regulatory Approval 

Shareholders have already approved the delisting. As per news reports, 93.82% of the company’s private shareholders voted in favour. Besides, 71.88% of all its public shareholders also voted in favour of this decision.

However, some minority shareholders opposed this delisting. They claimed that the process was designed to favour the ICICI Bank. When this matter was placed before the NCLAT, the petition was dismissed. The tribunal approved the delisting and allowed the company to proceed.

Current Stock Market Performance

As of March 20, 2025, at 3.30 PM, ICICI Securities share price up 1.00% and closed at ₹885.80. Over the past 6 months, the ICICI Securities share price had declined by nearly 1.25%. But a broader view suggests that the stock price surged by 21.95% this year.

The company’s market capitalisation was ₹28,790 crore at 3.30 PM. The stock has surged by nearly 25% from June 2024, when it hit a 52-week low.

Conclusion

The ICICI Securities delisting and swap ratio are now clear. The 67:100 ratio means for every 100 shares, I will receive 67 ICICI Bank shares. The March 24th record date is crucial for eligibility. I will monitor the integration and its future financial effects.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.