New Delhi: Beach quantum mutual fund Largest public shareholder votes against proposed delisting of ICICI Securities Norges Fund Investment Bank have voted in favor of the proposal of Stock Broking Branch Of ICICI Bank. Foreign funds, which hold about 3.25 per cent stake in ICICI Securities, voted in favor of it on the first day on Thursday. e-votingAccording to information posted on the website of Norges Fund Investment Bank.
E-voting will remain open till March 26.
Norway-based move norges bank ICICI Securities’ plan to delist itself gets a chance as it needs two-thirds public approval shareholders‘Support for passing the proposal.
However, Quantum Mutual Fund, which holds 0.09 per cent stake in ICICI Securities, voted against the proposal on Thursday.
Quantum Mutual Fund opposed the delisting as it did not find the swap share ratio attractive for the shareholders of ICICI Securities.
As per the scheme of arrangement, shareholders of ICICI Securities will get 67 shares of ICICI Bank for every 100 shares they hold.
Public shareholders collectively hold about 25 percent stake in the company.
Now, the fate of the proposal depends on how the remaining public shareholders vote.
Life Insurance Corporation is the second largest public shareholder in ICICI Securities with 2.5 per cent stake. Indian insurance companies, including LIC, hold 3.5 percent stake, while mutual funds hold 2 percent.
The total stake of foreign portfolio investors is 10 percent.
Resident Indians hold about 6 percent stake. ICICI Bank is the promoter of the company with about 75 percent shareholding.
ICICI Securities announced plans to delist in June 2023.
If resolved, ICICI Securities will eventually become a wholly owned subsidiary of ICICI Bank.
E-voting will remain open till March 26.
Norway-based move norges bank ICICI Securities’ plan to delist itself gets a chance as it needs two-thirds public approval shareholders‘Support for passing the proposal.
However, Quantum Mutual Fund, which holds 0.09 per cent stake in ICICI Securities, voted against the proposal on Thursday.
Quantum Mutual Fund opposed the delisting as it did not find the swap share ratio attractive for the shareholders of ICICI Securities.
As per the scheme of arrangement, shareholders of ICICI Securities will get 67 shares of ICICI Bank for every 100 shares they hold.
Public shareholders collectively hold about 25 percent stake in the company.
Now, the fate of the proposal depends on how the remaining public shareholders vote.
Life Insurance Corporation is the second largest public shareholder in ICICI Securities with 2.5 per cent stake. Indian insurance companies, including LIC, hold 3.5 percent stake, while mutual funds hold 2 percent.
The total stake of foreign portfolio investors is 10 percent.
Resident Indians hold about 6 percent stake. ICICI Bank is the promoter of the company with about 75 percent shareholding.
ICICI Securities announced plans to delist in June 2023.
If resolved, ICICI Securities will eventually become a wholly owned subsidiary of ICICI Bank.
(TagstoTranslate)Stock Broking Arm(T)Shareholders(T)Quantum Mutual Fund(T)Norges Fund Investment Bank(T)Norges Bank(T)ICICI Securities Delisting(T)E-Voting