India's ICICI Securities surges on delisting proposal (updated)

ICICI Securities

26/06/2023 05:35

(Adds background in paragraphs 3 and 4, stock movement in
paragraphs 2 and 5)
       BENGALURU, June 26 (Reuters) - Shares of India's ICICI
Securities Ltd  ICCI.NS  rose as much as 14.9% on Monday after
parent company ICICI Bank Ltd  ICBK.NS  said it will consider a
proposal to delist shares of the brokerage unit.
    Shares of the Mumbai-based brokerage hit their highest since
April 2022 in early trade, and are currently up about 12.8% at
635 rupees.
    The board of directors of both companies have scheduled
meetings on June 29 to consider the proposal, an exchange filing
said. 
    While the companies did not mention any amount considered
for the proposal, CNBC-TV18 reported, citing sources, that the
delisting might see a share-swap deal instead of a cash payout.
    ICICI Bank currently holds a 74.83% stake in ICICI
Securities, which made its market debut in 2018. The company's
stock has risen about 37% since.
    
    

 (Reporting by Biplob Kumar Das in Bengaluru; Editing by Janane
Venkatraman)
 ((Biplobkumar.das@thomsonreuters.com; 9101861583;))