The investors are upset over the proposal to turn ICICI Securities into a wholly owned subsidiary of parent ICICI Bank Ltd, and made plain their disgruntlement for the first time in a public forum. They believe the company is better off listed and are unhappy with the share swap ratio proposed.
The public shareholders' opinion gains significance since ICICI Securities needs two-thirds of them, who own more than 25% stake, to approve the transaction. Parent ICICI Bank owns 74.85% stake in the company, with the rest being held by public shareholders. The proposal was announced last June.
"I do not see where these synergies are coming from," Vikrant Darak, chief executive officer (CEO) of Finverse Ventures Pvt. Ltd, a Pune-based fintech firm, and a shareholder in ICICI Securities, said during the meet. "Neither in terms of technology-because I believe we are very superior in terms of technology to our peers. In terms of financial muscle, we are very well-placed." ICICI Securities' chief financial officer Harvinder Jaspal sought to explain the benefits of the transaction.
Diese Geschichte stammt aus der January 19, 2024-Ausgabe von Mint Mumbai.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der January 19, 2024-Ausgabe von Mint Mumbai.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
7 myths about ADHD and how to handle it
Some adults with ADHD are misdiagnosed as having anxiety or depression as myths prevail even in the medical community
Why women bear the brunt of misdiagnosis
Girls are half as likely as boys to be diagnosed correctly as having ADHD, show studies
At these international marathons, it's ready, steady, swig
Can running and drinking go together? From France to Scotland, here are five races where running is a merry party
Indian IT firms should brace for Trump's second term
Restrictive visa, trade and other policies under Trump 2.0 may force a review of their US-centric business models
Freebies don't offer a long-term solution but let us not ban them
Keeping citizens dependent on handouts is not fiscally sustainable. India needs a transparent framework to regulate them
Is Nvidia's chief dreaming of selling us R2-D2-like robots?
It may turn out to be a good bet if the chip-maker keeps its risks low
Two ways the EPFO can get itself an image boost
India's state-run retirement fund would do itself a favour by resolving its high level of claim rejections and speeding up interest payments. Its digital makeover should signal efficiency
Forex card vs debit card: How to lower cross-border markup fees
Unlike debit cards, forex cards are not linked to your bank account, limiting your exposure to fraud and theft
India must reassess its rejection of the RCEP trade bloc
Joining it can work in our favour as global trade barriers get reshaped and value chains are forged
Armed hostility between Israel and Iran is very likely to escalate
Israel senses a high-risk high-return chance to reshape West Asia that Trump might green-light
