Team Blitz India
NEW DELHI: ICICI Bank is under fire for allegedly coaxing minority shareholders of ICICI Securities to support the private lender’s proposal to delist the broking and investment banking arm.
Shareholders of ICICI Securities claimed on social media that the bank’s executives contacted them directly, asking them to vote in favour of the resolution that proposes to delist the broking subsidiary. Lawyers and market participants said such alleged actions could result in regulatory scrutiny of the voting process.
Under the scheme of arrangement, ICICI Bank aims to delist ICICI Securities, through a share swap deal. As per the terms, for every 100 shares held, public shareholders in ICICI Securities would receive 67 shares of ICICI Bank.
The share swap ratio for delisting the brokerage has been opposed by a section of minority shareholders.
