Top Indian Bank Faces Shareholders' Backlash Over Unit Delisting [BNN Bloomberg (Canada)]
ICICI Bank Limited (IBN)
US:NYSE Investor Relations:
icicibank.com/aboutus/invest-relations.page
Company Research
Source: BNN Bloomberg
ICICI Bank, which owns nearly three-fourths stake in ICICI Securities, last year proposed a share-swap ratio in which investors of the broking unit will receive 67 shares of the parent lender for every 100 shares they own. Multiple investors have taken to X, the platform formerly known as Twitter, to raise their concerns about the cheap valuation. Requests made to both the companies for comment weren't answered immediately. The current merger ratio values ICICI securities at a 30% to 77% discount to its other listed peers, according to Quantum Asset Management Company, which holds a stake in both entities. It voted against the resolution. “This is one of the cheapest valuations I have seen for any delisting in India, let alone for a company as good as this one,” said Nilesh Shetty, a portfolio manager at Quantum Advisors. The transaction reflects poorly on ICICI Bank's corporate governance, according to Shetty. The voting for the resolution ends Tuesday and the company will s
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IBN
Sec Filings
- 4/26/24 - Form 6-K
- 4/25/24 - Form 6-K
- 4/19/24 - Form 6-K
- IBN's page on the SEC website