The way has been cleared for the merger of ICICI Securities with ICICI Bank. ICICI Securities said in the information sent to the stock market that the Ahmedabad Bench of the National Company Law Tribunal has approved the merger of the company with ICICI Bank. According to the company, NCLT has issued 2 orders on 9 October 2024. In which the Scheme of Arrangement between ICICI Bank and ICICI Securities Limited has been approved and the petition filed by Quantum Mutual Fund and Manu Rishi Gupta against this scheme has been dismissed. Manu Rishi holds 0.002 percent shares in the company and Quant MF holds 0.08 percent shares. After this decision, the way will be cleared for the merger of ICICI Securities with ICICI Bank.

The merger plan was approved in June 2023

Earlier, in its order of August, the Mumbai bench of NCLT dismissed the petition filed by small shareholders against the delisting of ICICI Securities and allowed the company to grow as per plan. In June 2023, ICICI Securities approved the plan to delist and merge with ICICI Bank. In March 2024, this plan was approved by the shareholders of the company. 72 percent of the small shareholders of the brokerage firm decided in favor of the plan. After that, on June 29, the board of ICICI Bank also approved the plan. How was the performance of the stock? In Thursday's trading, the stock of ICICI Direct has seen a decline of more than 3 percent and the stock fell to 836.85 against the previous closing level of 867.35. The lowest level of the stock for the year is 622. At the same time, the highest level is 921. On the other hand, ICICI Bank's stock is seeing a rise and the stock has increased by more than half a percent. Currently, the stock is above the level of 1250. The stock's highest level of the year is 1361 and the lowest level of the year is 898.