NEW DELHI: Amid Quantum Mutual Fund voting towards the proposed delisting of ICICI Securities, the most important public shareholder Norges Fund Funding Financial institution has voted in favour of the proposal of the inventory broking arm of ICICI Financial institution. The international fund, which holds almost 3.25 per cent stake in ICICI Securities, voted in favour on Thursday, the primary day of e-voting, as per the knowledge posted on the web site of Norges Fund Funding Financial institution.
The e-voting will stay open until March 26.
The transfer of the Norway-based Norges Financial institution supplied a shot within the arm of ICICI Securities’ plan to delist itself because it wants two-thirds of the general public shareholders‘ assist to move the decision.
Nevertheless, Quantum Mutual Fund, which holds a 0.09 per cent stake in ICICI Securities, voted towards the decision on Thursday.
Quantum Mutual Fund opposed the delisting because it didn’t discover the swap share ratio profitable to the shareholders of ICICI Securities.
As per the scheme of association, shareholders of ICICI Securities will get 67 shares of ICICI Financial institution for each 100 shares they maintain.
Public shareholders collectively maintain almost 25 per cent stake within the firm.
Now, the destiny of the decision hinges on how the remaining public shareholders vote.
Life Insurance coverage Company is the second largest public shareholder, with a 2.5 per cent stake in ICICI Securities. Indian insurance coverage firms, together with LIC, maintain a 3.5 per cent stake, whereas mutual funds maintain a 2 per cent stake.
The overall shareholding of international portfolio buyers is 10 per cent.
Resident Indians maintain almost 6 per cent. ICICI Financial institution is the promoter of the corporate, with almost 75 per cent shareholding.
ICICI Securities introduced the plan to delist in June 2023.
If the decision goes by way of, ICICI Securities will ultimately turn out to be a wholly-owned subsidiary of ICICI Financial institution.
The e-voting will stay open until March 26.
The transfer of the Norway-based Norges Financial institution supplied a shot within the arm of ICICI Securities’ plan to delist itself because it wants two-thirds of the general public shareholders‘ assist to move the decision.
Nevertheless, Quantum Mutual Fund, which holds a 0.09 per cent stake in ICICI Securities, voted towards the decision on Thursday.
Quantum Mutual Fund opposed the delisting because it didn’t discover the swap share ratio profitable to the shareholders of ICICI Securities.
As per the scheme of association, shareholders of ICICI Securities will get 67 shares of ICICI Financial institution for each 100 shares they maintain.
Public shareholders collectively maintain almost 25 per cent stake within the firm.
Now, the destiny of the decision hinges on how the remaining public shareholders vote.
Life Insurance coverage Company is the second largest public shareholder, with a 2.5 per cent stake in ICICI Securities. Indian insurance coverage firms, together with LIC, maintain a 3.5 per cent stake, whereas mutual funds maintain a 2 per cent stake.
The overall shareholding of international portfolio buyers is 10 per cent.
Resident Indians maintain almost 6 per cent. ICICI Financial institution is the promoter of the corporate, with almost 75 per cent shareholding.
ICICI Securities introduced the plan to delist in June 2023.
If the decision goes by way of, ICICI Securities will ultimately turn out to be a wholly-owned subsidiary of ICICI Financial institution.
