ICICI's Stance: Clarifying Delisting Proposal Opposition
ICICI Securities: Disputing Delisting Campaign Allegations
ICICI Securities Addresses Concerns Over Delisting Proposal Opposition Campaign:
ICIC Securities provided clarity, revealing that detractors of the proposal orchestrated a strategic campaign aimed at thwarting the delisting scheme. They utilized social media platforms and conducted widespread outreach efforts directed towards retail shareholders. This concerted effort indicated a deliberate attempt to oppose the proposed delisting, highlighting the significance of communication and engagement in the decision-making process within financial markets.
ICICI Securities Ltd addressed media reports alleging contact between ICICI Bank Ltd employees and retail shareholders of ICICI Securities regarding its delisting. The clarification revealed a deliberate campaign against the delisting proposal, orchestrated by opponents who utilized social media and extensive outreach to retail shareholders, underscoring efforts to influence the outcome.
CICI Securities highlighted the significance of engaging with the extensive retail shareholder base of both ICICI Bank and ICICI Securities regarding the pioneering delisting scheme under SEBI regulations. Their efforts aim to elucidate the proposed scheme and e-voting process, prioritizing enhanced participation to ensure informed decision-making and maximize voting turnout
In addressing the engagement with shareholders and retail customers, ICICI Securities underscored an important overlap between these categories across both ICICI Bank and ICICI Securities. Recognizing the complexity of this overlap, ICICI Securities opted for a common approach often employed in comparable scenarios, enlisting the services of a third party for assistance.
Their outreach strategy was meticulously designed with a primary focus on elucidating the Scheme and facilitating the voting process. This approach aimed to ensure clarity and transparency for shareholders and retail customers alike. Moreover, it sought to respect the autonomy of individuals by refraining from persistent engagement if a shareholder chose not to participate initially.
The delineation of the voting period, spanning from March 23 to March 25, underscores the commitment to facilitating a comprehensive and inclusive voting process. Notably, this period encompassed both weekdays and a weekend, including a holiday (Holi), to accommodate varying schedules and ensure accessibility for all stakeholders.
This concerted effort to engage shareholders and retail customers reflects a dedication to democratic decision-making and shareholder participation. By providing comprehensive explanations of the proposed Scheme and offering accessible avenues for voting, ICICI Securities aims to empower stakeholders to make informed choices regarding the delisting proposal.
In essence, this statement not only sheds light on the meticulous planning and execution of the outreach efforts but also underscores the commitment to transparency, inclusivity, and democratic principles throughout the delisting process.
ICICI Securities announced that the share exchange ratio for the proposed merger scheme aligns with the outcomes of a joint valuation exercise conducted by two independent valuers. Additionally, two separate merchant bankers have provided independent fairness opinions to ICICI Bnka and ICICI Securities, further reinforcing the credibility and impartiality of the valuation process.
ICICI Bank and ICICI Securities received no adverse observations and obtained no-objection letters from both NSE and BSE on November 28, 2023, and November 29, 2023, respectively, regarding the proposed Scheme. Despite this, four independent proxy advisory firms recommended voting in favor of the resolution to approve the Scheme. However, opposition to the proposal surfaced through a concerted campaign leveraging social media and extensive outreach to retail shareholders.
Following the board's decision and recommendation, ICICI Securities affirmed that the proposed scheme serves the best interests of shareholders of both ICICI Securities and ICICI Bank. Recognizing the significance of retail shareholder participation, ICICI Securities emphasized the importance of outreach efforts to maximize engagement and facilitate an informed and considered outcome during the voting exercise.
The proposed merger scheme garnered approval from 71.9% of equity shareholders, surpassing the necessary two-thirds majority of public shareholders' votes as required under applicable SEBI regulations.
Disclaimer: Business Today offers stock market news for informational purposes solely and should not be interpreted as investment advice. Readers are urged to seek advice from a qualified financial advisor before making any investment decisions.
.png)
