Gud set of numbers from speciality restaurants

FIIs + DIIs together hold aprox 17 pc of shares. For de-listing to go through, 90 pc of total shareholders or 66 pc of minority shareholders have to agree

To me, it looks very very unlikely unless ICICI Bank significantly revises its offer price

Disc: holding

ICICI SECURITIES Q3 FY 24 Updates –

Revenues – 1323 vs 879 cr

EBITDA – 911 vs 549 cr

PAT – 466 vs 281 cr, up 66 pc !!!

Revenues breakup –

Retail Equity – 754 cr, up 50 pc

Distribution revenues – 174 cr, up 5 pc

Advisory services – 97 cr, up 102 pc

Institutional Equity – 90 cr, up 94 pc

Others – 206 cr, up 81 pc ( from investments and trading )

Breakdown of retail equity segment –

Cash broking – 37 pc vs 34 pc

Derivatives broking – 16 vs 20 pc ( grew by 22 pc )

Retail allied revenues – 47 vs 46 pc

MTF book @ 9900 cr vs 6300 cr YoY, MTF Mkt share @ 22 pc

Breakdown of distribution revenues –

MF distribution – 114 vs 100 cr

Life Insurance distribution – 7 vs 2 cr

Others – 53 vs 45 cr

Total wealth clients AUM – 3.2 lakh cr vs 1 lakh cr in Mar 19

Total loans disbursed via I-Sec platform @ 2170 vs 1000 cr ( YoY)

Market share –

Retail Equity – 13 pc

MTF – 22 pc

Retail Derivatives – 3.5 pc

Commodities – 7.5 pc

SGB – 9 pc

ETFs – 17 pc

SIPs – 3 pc

ICICI Bank – the parent intends to delist the company. To delist the company, it would require 66 majority vote of the minority shareholders – which is unlikely to play out – IMHO

The proposed swap ratio of 0.67 : 1 ( ICICI Bank shares : ICICI Sec shares ) is unlikely to find takers as the Mkt price of ICICI Sec is already far above the price for the proposed swap to materialise

I am betting on either the delisting not going through or ICICI BANK significantly revising the delisting offer – upwards

Disc: hold a small tracking position, not SEBI registered, biased

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Views are welcome
dr.vikas