&w=3840&q=100)
SC upholds ICICI Securities delisting, dismisses plea over valuation
ICICI Securities was officially delisted in March 2024, becoming a wholly owned subsidiary of its promoter, ICICI Bank. The move was part of a broader merger scheme that had already received shareholder approval.
Allegations of an 'opaque and rushed' process
Gupta's counsel argued that the delisting was conducted in an 'opaque and rushed manner' and called the entire exercise 'shocking". He questioned the fairness of the valuation, saying shareholders might have received a better deal through the RBB process.
In response, ICICI Securities' legal team told the court that Gupta had continued to trade shares of ICICI Securities—including as recently as August 2024—undermining his claims of unfair treatment.
Shareholder backing and tribunal oversight
The delisting had strong shareholder backing, with nearly 72 per cent of votes cast in favour of the merger scheme. This came after a National Company Law Tribunal (NCLT) directive in February 2024, which mandated a shareholder meeting to approve the plan.
The meeting saw participation from 161 equity shareholders and authorised representatives, who voted to support the merger.
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The Hindu
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The issue, managed by Motilal Oswal, IIFL Capital, and JM Financial, was subscribed 55 times, with non-institutional investors at 68.57x, retail at 23.01x, and QIBs at 2.21x; allotment was finalized July 28, with shares credited by July 29. Disclaimer: The views and investment tips by experts in this report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions. About the Author Varun Yadav Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian More Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! tags : IPO view comments Location : New Delhi, India, India First Published: July 27, 2025, 12:09 IST News business » ipo IPO Calendar: NSDL Among 15 Issues Set To Raise Over Rs 9,000 Cr This Week, 5 Listings Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
