ICICI Securities' Merger with ICICI Bank Faces Valuation Opposition

The merger between ICICI Securities and its parent company, ICICI Bank, is facing opposition from some stakeholders who believe the valuation of ICICI Securities in the merger is too low. Norwegian pension fund manager Norges Bank and an Indian Portfolio Management Services (PMS) provider are among those planning to vote against the merger.

 

ICICI Bank, however, has defended the valuation process, stating that it relied on independent experts to determine the share exchange ratio. The proposal offers a premium compared to the market price of ICICI Securities shares, and it exceeds regulatory requirements.

 

Despite approval from both ICICI Bank and ICICI Securities, the merger still requires consent from shareholders, regulatory approvals, and a 2/3rd majority of public shareholders of ICICI Securities. The goal of the merger is to leverage the strengths of both entities to provide comprehensive financial services to a wider customer base.

Top stories
Company

Delta Corp Q1 PAT Declines 68% YoY to Rs 22 crore in FY25

4 mins read . 13 Jul 2024 . 09:30 AM

Company

Zydus Life Gets USFDA Nod for Heart Failure Drug

3 mins read . 13 Jul 2024 . 09:23 AM

Company

RVNL Spurts 10% on Bagging Multiple Orders Worth Rs 390 Cr

4 mins read . 13 Jul 2024 . 09:18 AM

Related Blogs
blog-logo

Share Market

blog-logo

12 mins read . 12 Jul 2024

Ritesh Agarwal: The OYO Founder’s Success Story

  • 0 people read
blog-logo

Share Market

blog-logo

15 mins read . 08 Jul 2024

Best Oil & Gas Stocks in India

  • 0 people read
Kickstart your equities journey today You've got this
By submitting this I agree to the terms & conditions