ICICI Securities Delisting Controversy

ICICI Bank's decision to delist ICICI Securities from the stock market led to controversy due to the unique circumstances surrounding the deal listing process. Unlike traditional deal listings involving extensive shareholder negotiations, ICICI Bank opted for a share swap with existing ICICI Securities shareholders, bypassing the reverse book building procedure. This unconventional approach was facilitated by a rule change by SEBI in 2021, allowing parent companies to directly deal with their subsidiaries. Despite concerns raised by minority shareholders about valuation and fair treatment, the deal listing ultimately received sufficient institutional investor support, resulting in a successful delisting of ICICI Securities.