The boards of directors of private lender ICICI Bank and its subsidiary ICICI Securities announced in an exchange filing on Monday that they are considering delisting ICICI Securities. They have scheduled meetings on June 29 to consider the proposal. 

The delisting may be done through a share-swap deal instead of a cash payout, as there was no mention of any amount in the exchange filing. 

Following the filing, shares of ICICI Securities rose as much as 14.9%, hitting a fresh 52-week high. At 11:20 am, the scrip was trading at Rs 624.90, 10.95% higher than the previous closing price. 

The decision comes five years after the broking firm debuted on the bourses. Its Rs 4,000 crore IPO received a poor response from market participants and was subscribed to only 78%. 

ICICI Bank held a 74.83% stake in its broking arm ICICI Securities as of the 2023 March quarter. The company had been diversifying into wealth management, loans and general insurance to reduce dependence on broking.