ICICI Bank Ltd. has received approval from the Reserve Bank of India for making brokerage firm ICICI Securities Ltd. a wholly owned subsidiary.
The central bank's nod is subject to certain conditions, while it awaits other required statutory and regulatory approvals, the company said in an exchange filing on Thursday.
In June, the private lender had approved a proposal to delist ICICI Securities and become a wholly owned subsidiary of the bank after delisting.
ICICI Securities, promoted by ICICI Bank, is the country's leading retail-led equity franchise, distributor of financial products and investment bank.
As of the quarter ending September, ICICI Bank held 74.79% stake in ICICI Securities.
Shares of ICICI Securities closed 2.91% higher at Rs 659.60 apiece on the BSE, while the parent firm's stock ended 0.30% up at Rs 937.45 per share before the announcement, as compared with a 0.22% fall in the benchmark Sensex.
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