Shares of ICICI Securities shot up over 14% after parent ICICI Bank said it was considering delisting the brokerage from stock exchanges.
What Happened? ICICI Bank said a meeting of its board of directors is slated to be held on Thursday, June 29 to consider a proposal for delisting of equity shares of ICICI Securities.
While the reason for the proposal was not clear, historically, the voluntary delisting of shares usually offers a higher exit price to shareholders, determined through a reverse book-building process.
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ICICI Securities has gained more than 27% so far this year.
Price Action: Shares of ICICI Securities surged 14.02% to ₹642 in morning trade on Monday, while ICICI Bank’s stock was up 0.35% at ₹926.70.
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