Challenging ICICI Bank’s Delisting Bid: What You Need to Know 📉
Investors, led by Manu Rishi Gupta, are gearing up to challenge ICICI Bank’s plan to delist its broking arm, ICICI Securities, from the Indian bourses. Here’s what you should know:
Investors Rally Against Delisting Scheme 📉
– A group of investors plans to approach the NCLT against ICICI Bank’s delisting bid
– Around 200 retail shareholders have joined a ‘joint action group’ to object to the scheme
– These shareholders are raising funds through crowdfunding
– Gupta has been nominated as their representative
– Quantum Mutual Fund is also considering legal action to safeguard investors’ interests
Key Points of Contention 📉
– Shareholders to challenge the special exemption granted by SEBI for delisting
– Shareholders oppose the share swap ratio offered by ICICI Bank
– Investors believe the ratio is unfavorable given ICICI Securities’ profit growth
– ICICI Bank defends the scheme, citing recommendations from independent valuers
Voting Results and Market Response 📉
– 71.89% of the lender’s shareholders supported the delisting proposal
– Institutional investors largely backed the scheme, whereas non-institutional investors opposed it
– Following the scheme announcement, ICICI Securities’ stock saw a 54% rally before stabilizing
Hot Take: Voice Your Concerns as an Investor 🚨
As an investor, it’s crucial to stay informed and voice your concerns when necessary. The upcoming legal battle between investors and ICICI Bank sheds light on the importance of protecting shareholders’ interests in delisting scenarios. Stay engaged and proactive in safeguarding your investments.
By
By
By
