Now, ICICI Securities faces a class action suit

Minority shareholders are opposing its delisting and merger with parent ICICI Bank on grounds of unfavourable valuation and swap ratio.

Barely a month after receiving shareholder approval for delisting from the bourses and merging with parent ICICI Bank, ICICI Securities is in trouble with its minority shareholders. 

A group of over 100 shareholders, led by investor Manu Rishi Guptha, have filed a class action suit with the National Company Law Tribunal against ICICI Securities regarding the delisting plan, Moneycontrol reported on Sunday.

This comes after a majority of shareholders of I-Sec voted in favour of it delisting from the bourses and merging with ICICI Bank. But the vote was largely backed by institutional investors, with 84% of them supporting the …

Author

Ujjaini Dutta

Ujjaini writes for Yesterday at The Morning Context. She joins us from MEA WorldWide, where she worked as a sub-editor, and has previously worked as an editorial intern at The Wire’s LiveWire. Ujjaini published her debut novel—Manik-er Khata—in 2022.

Writer

ujjaini@mailtmc.com

Delhi