ICICI Bank, one of India’s leading private sector banks, blazoned on June 26 that it’ll be considering a offer for the delisting of ICICI Securities, a attachment of the bank.
likewise, sources told CNBC- TV18 that ICICI Bank may consider the delisting offer through a share exchange rather of a cash payout.
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As of the March quarter, ICICI Bank held a74.85 percent stake in its broking arm Following this, ICICI Securities’ stock zoomed over 9 percent on the NSE. At 940 am, the stock was quoting at Rs611.85 after hitting 52- week high of Rs 647.
The stock had also rallied on June 23, therefore taking accretive two- day gain to over 17 percent. ICICI Bank, too, was quoting advanced by0.5 percent at The decision comes five times after the broking establishment made its debut on the bourses.
In April 2018, the Rs 4,000 crore- IPO of ICICI Securities had entered poor response.” On its table date, it was listed below the issue price and since also the stock has substantially underperformed standard indicators,” Prashanth Tapse, elderly VP( exploration),
Mehta Equities said The IPO was subscribed 78 percent overall, with retail investors bidding only 89 percent of the distributed share In Q4, ICICI Securities reported a consolidated net profit of Rs 263 crore for the quarter ended March, down 23 percent as against Rs 340 crore reported in the matching period of last time.
The board in April recommended a final tip of Rs9.25 per equity share of face value of Rs 5 each to shareholders of the company After Q4 results, global exploration and broking establishment Citi had said that near- term cost pressures will continue to weigh on ICICI Securities’ earnings.
It has a’ sell’ standing on the stock with a target price of Rs 440 per share. To reduce dependence on broking, the company had been diversifying into wealth operation, loans and general insurance The views and investment tips expressed by investment experts on are their own and not those of the website or its operation. advises druggies to check with pukka experts before taking any investment opinions.
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