Under the proposed scheme, public shareholders of ICICI Securities will receive 67 equity shares of ICICI Bank for every 100 equity shares they currently hold. Additionally, employees of ICICI Securities who hold employee stock options and units will receive equivalent options and units from ICICI Bank, based on the share exchange ratio.

The decision to delist is part of a strategic move to capitalize on the synergies between ICICI Bank and ICICI Securities. The aim is to provide comprehensive financial services to both existing and new customers, in line with the bank's Customer 360-degree focus.

As of 31 March 2023, ICICI Bank held a 74.85% stake in ICICI Securities. Following the completion of the scheme, ICICI Securities will become a wholly-owned subsidiary of ICICI Bank.

ICICI Securities is a subsidiary of ICICI Bank. The company began its operation in May 1995 and continues to grow its operation through its four lines of businesses -- broking, distribution of financial products, wealth management, and investment banking. The company is registered with the Securities and Exchange Board of India (SEBI) as a stock broker, merchant banker, portfolio manager, investment adviser and research analyst. it is also registered as corporate agent with the Insurance Regulatory and Development Authority of India (IRDAI) and Point of Presence (POP) with the Pension Fund Regulatory and Development Authority of India (PFRDA) for distribution of National Pension Scheme (NPS).

On a consolidated basis, ICICI Securities' revenue remained flat during the quarter from Rs 892.30 crore in Q4-FY2022 to Rs 885.21 crore in Q4-FY2023. Profit after tax decreased by 22.8% from Rs 340.29 crore in Q4-FY2022 to Rs 262.68 crore in Q4-FY2023.

The board of ICICI Securities will meet on 20 July 2023, to consider the unaudited financial results of the company for the quarter ended 30 June 2023.

Shares of ICICI Securities were down 1.03% at Rs 608 while shares of ICICI Bank were down 0.30% to Rs 934.60.