ICICI Securities's board will also meet on Thursday, to consider the delisting proposal. "The Board of Directors of the Company is scheduled to be held on Thursday, June 29, 2023 to consider a proposal for delisting of Equity Shares of the Company pursuant to a Scheme of Arrangement with ICICI Bank Limited, listed Holding Company, under Chapter VI Part C, Regulation 37 of SEBI (Delisting of Equity Shares) Regulations, 2021," ICICI Securities said in a statement 25 June 2023.

ICICI Bank held 74.85% stake in ICICI Securities as on March 2023. The stock broker's current market capitalisation stands at Rs 18,207.04 crore.

ICICI Securities is a subsidiary of ICICI Bank. The company began its operation in May 1995 and continues to grow its operation through its four lines of businesses -- broking, distribution of financial products, wealth management, and investment banking. The company is registered with the Securities and Exchange Board of India (SEBI) as a stock broker, merchant banker, portfolio manager, investment adviser and research analyst. it is also registered as corporate agent with the Insurance Regulatory and Development Authority of India (IRDAI) and Point of Presence (POP) with the Pension Fund Regulatory and Development Authority of India (PFRDA) for distribution of National Pension Scheme (NPS).

On a consolidated basis, ICICI Securities' revenue remained flat during the quarter from Rs 892.30 crore in Q4-FY2022 to Rs 885.21 crore in Q4-FY2023. Profit after tax decreased by 22.8% from Rs 340.29 crore in Q4-FY2022 to Rs 262.68 crore in Q4-FY2023.

On Friday, 23 June 2023, shares of ICICI Securities surged 7.14% to Rs 563.80 while shares of ICICI Bank fell 0.22% to Rs 923.80.