Shares of India's ICICI Securities Ltd rose as much as 14.9% on Monday after parent company ICICI Bank Ltd said it will consider a proposal to delist shares of the brokerage unit.
Shares of the Mumbai-based brokerage hit their highest since April 2022 in early trade, and are currently up about 12.8% at 635 rupees.
The board of directors of both companies have scheduled meetings on June 29 to consider the proposal, an exchange filing said., citing sources, that the delisting might see a share-swap deal instead of a cash payout. ICICI Bank currently holds a 74.83% stake in ICICI Securities, which made its market debut in 2018. The company's stock has risen about 37% since.
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