ICICI Securities shares: Following the approval of a plan to delist ICICI Securities and turn it into a wholly-owned subsidiary of ICICI Bank, the company’s shares saw a 4% decline on Thursday. Shares of ICICI Securities decreased 4.18% to Rs 710 from the previous BSE close of Rs 741.10. The brokerage company’s market value dropped to Rs 23,425 crore.
A total of 0.25 lakh of the company’s shares were traded, generating a turnover of Rs 1.82 crore. Given that the stock’s beta is 0.6, it suggests that its annual volatility is low.
From a technical perspective, the relative strength index (RSI) of ICICI Securities is currently at 42.2, indicating that it is neither in the overbought nor oversold territory. ICICI Securities stocks are currently trading below the 150-day and 200-day moving averages but above the 5-day, 10-day, 20-day, 30-day, 50-day, and 100-day moving averages.
A regulatory filing states that 32% of non-institutional shareholders and 83.8 percent of institutional shareholders voted in favor of the delisting.
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Voting results show that 72% of public shareholders supported the delisting and 67% of retail investors opposed the proposal. The proposal was approved due to the sizeable institutional holdings in ICICI Securities.
According to the terms of the agreement, ICICI Securities shareholders will receive 67 shares of ICICI Bank for every 100 shares they own.
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