ICICI Securities' Retail Distribution Head Quits; Exchange Filing Reveals

ICICI Securities' Retail Distribution Head Quits; Exchange Filing Reveals

The resignation will take effect from the close of business hours on April 12, 2024.

PTIUpdated: Friday, March 29, 2024, 04:36 PM IST
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Representative | Image: ICICI Securities

ICICI Securities on Friday said Kedar Deshpande, head of retail distribution, has resigned from the brokerage firm to pursue alternate career opportunities.

The resignation will take effect from the close of business hours on April 12, 2024.

ICICI Securities In The Process Of Delisting

"Kedar Deshpande, Head - Retail Distribution (within the category of senior management in the Company), vide letter dated March 28, 2024, has tendered his resignation from the services of the company," ICICI Securities said in a regulatory filing.

In his letter to ICICI Securities Managing Director and CEO Vijay Chandok, Deshpande said: "I wish to resign from the company to pursue alternate career opportunities outside the ICICI Group".

ICICI Securities is currently in the process of delisting itself from the stock exchanges. The brokerage firm would be merged with its promoter ICICI Bank after successful delisting.

ICCI Holds Majority Stock

ICICI Bank currently holds a 74.77 per cent stake in ICICI Securities.

ICICI Securities had on Thursday informed the stock exchanges that about 72 per cent of its shareholders voted in favour of delisting, even though a majority of retail shareholders opposed the move.

In a voting on March 27, 83.8 per cent of ICICI Securities' institutional investors voted in favour of the scheme, while 67.8 per cent of retail investors voted against it. Overall, 72 per cent of public shareholders voted in favour of the delisting scheme.

As per the merger scheme, shareholders of ICICI Securities would receive 67 shares of ICICI Bank for every 100 equity shares held in ICICI Securities. 

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