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.
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.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
Read Next: Why RVNL Shares Are Upbeat Today
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.