The largest public shareholder, Norges Fund Investment Bank, voted in favor of the request made by ICICI Bank’s stock brokerage division, despite Quantum Mutual Fund voting against the proposed delisting of ICICI Securities. According to statistics available on the Norges Fund Investment Bank website, the foreign fund, which owns around 3.25 percent of ICICI Securities, cast a vote in favor on Thursday, the first day of electronic voting.
The online voting period is open through March 26. Since Quantum Mutual Fund did not believe that the swap share ratio was profitable for ICICI Securities shareholders, it was against the delisting. Holders of 100 shares of ICICI Securities will get 67 shares of ICICI Bank under the terms of the arrangement.
At 2.5 percent, Life Insurance Corporation holds the second-largest position among public investors in ICICI Securities. A 2.5% share is held by mutual funds, and 3.5% is held by Indian insurance organizations, such as LIC.
