ICICI Bank on Thursday received approval from the Reserve Bank of India for making ICICI Securities a wholly-owned subsidiary.
“We would like to inform you that today the bank has received approval from Reserve Bank of India for making ICICI Securities a wholly owned subsidiary, subject to certain conditions,” the bank said in an exchange notification.
The bank on June 26 had said that it would consider a proposal for delisting of its institutional and retail broking arm ICICI Securities.
The delisting proposal was approved at a meeting of the board of directors of the company on June 29.
The acquisition is likely to be completed in the next 12-15 months after various regulatory approvals.