What is the Current Status of the ICICI Securities and ICICI Bank Merger?

The Indian Banking sector is witnessing a significant moment where one of the leading banks ICICI Bank Limited is absorbing (merging) its subsidiary ICICI Securities Limited, which was listed on NSE and BSE on April 4, 2018.

The significant update came after ICICI Securities through an exchange filing stated that “the National Company Law Appellate Tribunal, New Delhi (NCLAT) on March 10, 2025, has passed 2 orders in connection with the Scheme of Arrangement amongst the Company, ICICI Bank Limited and their respective shareholders (Scheme) dismissing all the appeals filed by minority shareholders of the Company i.e. Manu Rishi Guptha (holding [0.002%] shares of the Company) and Quantum Mutual Fund (holding [0.08%]”.

Current Status of ICICI Securities and ICICI Bank

According to the exchange filing dated March 11, 2025, ICICI Securities has designated March 24, 2025, as the Record Date to identify the Public Shareholders of the Company whose Equity Shares will be cancelled, and to whom new Equity Shares of ICICI Bank Limited will be issued based on the Swap Ratio outlined in the Scheme. This means that the trading in ICICI Securities shares will cease on March 24, 2025, as ICICI Securities will be delisted from the NSE and BSE.

ICICI Bank Merger Swap Ratio

ICICI Bank will issue shares to eligible ICICI Securities shareholders at a swap ratio of 67:100. This means that for every 100 shares of ICICI Securities held, shareholders will receive 67 shares of ICICI Bank in exchange. The record date for this conversion is March 24, 2025, and only shareholders holding ICICI Securities stock on this date will be eligible for the exchange.

Conclusion

With the record date of March 24, 2025, ICICI Securities and ICICI Bank are currently different entities.ICICI Bank will issue shares to eligible ICICI Securities shareholders at a swap ratio of 67:100.

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