Supreme Court Backs ICICI Securities Delisting, Paves Way for Merger With ICICI Bank

The Supreme Court has upheld the delisting of ICICI Securities, dismissing a petition that questioned the fairness of the process. This clears the way for the completed merger of ICICI Securities with ICICI Bank, making the brokerage a wholly owned subsidiary of the bank as of March 2025.

Background of the Case

The delisting process was first announced in June 2023. As part of the plan, shareholders of ICICI Securities were offered 67 shares of ICICI Bank for every 100 shares they held. The valuation ratio was based on reports by PWC Business Consulting Services and EY Merchant Banking Services. Following approvals, ICICI Securities was officially delisted in March 2025.

Legal Challenge

According to Economic Times, one of the investors had filed a plea in the Supreme Court, alleging that the delisting lacked transparency and that minority shareholders could have received a better price if a reverse book-building (RBB) process had been used.

In response, ICICI Securities’ legal team pointed out that the investor had traded in the company’s shares as recently as August 2024, questioning the credibility of his claims.

Read more: Why Is ICICI Securities Being Delisted? Understanding the Merger with ICICI Bank.

Shareholder Approval

Before the merger, a shareholder meeting was held on March 28, 2024, as directed by the National Company Law Tribunal (NCLT). According to filings, around 72% of shareholders who participated in the vote supported the merger scheme. The meeting involved 161 equity shareholders and their authorised representatives.

Purpose of the Merger

Company disclosures noted that the merger was intended to consolidate financial services, improve operations, and align governance structures under a single entity. ICICI Securities is now fully integrated into ICICI Bank.

Conclusion

With the Supreme Court’s dismissal of the petition, the delisting and merger process stands legally confirmed. ICICI Securities now operates as a fully owned unit of ICICI Bank, following shareholder and regulatory approvals.

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