ICICI Bank gets RBI approval to make ICICI Securities a wholly owned subsidiary
Banking & Finance
A day after the Reserve Bank of India (RBI) gave approval to brokerage firm ICICI Securities to make it its wholly owned subsidiary, ICICI Bank is expected to open higher. ICICI Bank has Rs. The stake was 74.79 percent. In the previous session, shares of ICICI Bank closed marginally higher at Rs 936.50 on the National Stock Exchange (NSE), while ICICI Securities closed at Rs 659, up 2.78 per cent. Securities broking business is inherently cyclical as it is dependent on the macroeconomic environment. This largely depends on the rise in the equity market. This was cited as another reason behind the delisting move. ICICI Bank shares have gained about 3 per cent so far this year, while the Nifty has gained about 6.5 per cent during the period. ICICI Securities has outperformed the benchmark index with a gain of over 33 per cent. .
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