Shares of ICICI Securities surge 15% on report of delisting proposal

At the time of writing, ICICI Securities was trading 13.35 per cent higher, at Rs 638.20.

In a filing with stock exchanges, ICICI Bank said that the board of directors of both companies have scheduled meetings on June 29 to consider the proposal to delist ICICI Securities.

The private bank currently holds 74.83 per cent of ICICI Securities. While the firms did not mention any amount considered for the proposal, according to media reports, the delisting of the brokerage might be a share-swap deal instead of a cash payout.

ICICI Securities debuted in the stock markets in 2018. The brokerage’s shares have since jumped about 37 per cent.