NCLT gives green light to ICICI Securities’ delisting
The National Company Law Tribunal (NCLT), Mumbai, on Wednesday, approved the delisting of ICICI Securities (I-Sec) from the stock exchanges, dismissing the objections raised by minority shareholders Quantum Mutual Fund and Manu Rishi Gupta. The decision is a positive development for ICICI Bank and ICICI Securities, as it sets a precedent for other similar cases currently ongoing in NCLT Ahmedabad and NCLT Delhi.
The minority shareholders have expressed opposition to the share swap ratio proposed for delisting the brokerage. Under the proposed delisting plan, I- Sec shareholders will receive 67 shares of ICICI Bank for every 100 shares they currently hold. Following delisting, ICICI Securities will become a wholly-owned subsidiary of the bank.
The division bench of Justice Virendra Singh G Bisht and a technical member Prabhat Kumar, while approving the scheme in an oral order, also dismissed two applications that objected to the delisting scheme.
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Crude oil edges higher, holding to gains made on signs of tighter supply
Oil prices rose slightly on Thursday, holding to gains from the previous session that came amid signs of tighter supply. U.S. West Texas Intermediate crude futures (WTI) rose 17 cents to $78.08 a barrel for the prompt month. The May contract gained 14 cents to $77.45 a barrel by 0150 GMT.
Brent crude for April delivery ticked up 14 cents to $83.17 a barrel, while the May contract added 13 cents, rising to $82.24 a barrel. “The premium of spot prices over near-date futures has been widening over recent weeks, indicating a robust demand outlook in the near term,” ANZ analysts wrote in a note. Oil prices rose 1% on Wednesday, with oil contracts tied to near-term deliveries hitting their highest premium in months.
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