I got 2 calls from ICICI bank for voting. Bit strange.
Are there any parallels in indian markets, where minority shareholders filed a lawsuit against these kind of demergers?
is there any possibility of merger not going through? I mean if i don’t want to hold icici bank, is there any hope in holding isec?
When will icici sec shares be converted to icici bank’s shares? Do we know the date? And we get 67 shares of the bank but based on which date? Does anyone know?
Not sure if and when the delisting will happen. Please check this article.
Good Quarterly Results by ICICI Sec. But it is not reflecting in stock price due to amalgamation factor. Now I am exploring possibilities where this notorious amalgamation called off. Any views regarding this.
Way back in June 2023 when I-Sec’s merger into ICICI Bank was announced, I had commented (click here) that the grounds on which the bank got exemption from reverse book building look suspect (that they are in the “same line of business”). Exactly this point is now becoming the major bone of contention in the legal tussle between the shareholders and Group. One more petition has now been filed (besides Quantum MF who has also made the same argument) on the same issue (see this). Several other objections raised by investors against the merger, such as delisting so soon after the IPO, swap ratio, trying to influence the shareholders through phone calls etc. don’t stand legal scrutiny though they may be morally valid. It will be interesting to see how this develops.
NCLT already approved the merger and dismissed minority shareholders plea saying one must have more than 10% shareholding to raise voice.
NCLAT intervened and said if someone is raising voice it means he’s aggrieved and he also has the right.
Now what happened? Why NCLT again dismissed the plea? RBI and NCLT are working overtime suppressing minority shareholders rights.