ICICI Securities' delisting and merger with ICICI Bank has been finally approved by shareholders. Following the merger, ICICI Securities will become a wholly-owned subsidiary of ICICI Bank.
Though retail investors voted against the proposal, institutional shareholders managed to get it approved.
A regulatory filing revealed that 83.8 per cent of the institutional shareholders and 32 per cent non-institutional shareholders voted in support of the merger.
Following the delisting and merger, ICICI Securities shareholders will receive 67 shares of ICICI Bank for every 100 shares they hold.
Some shareholders took to social media to complain about how ICICI Bank tried to get their support in the voting by repeatedly calling them.
