Retail Distribution Head Of ICICI Securities Resigns

ICICI Securities announced on Friday that Kedar Deshpande, head of retail distribution, has resigned to seek other career options.

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

In a regulatory filing, ICICI Securities stated, “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”.

Deshpande stated in his letter to ICICI Securities Managing Director and CEO Vijay Chandok, “I wish to resign from the company to pursue alternate career opportunities outside the ICICI Group”.

ICICI Securities is now in the process of delisting itself from the stock exchanges. Following its successful delisting, the brokerage firm will be amalgamated with its promoter ICICI Bank.

ICICI Bank presently owns 74.77 percent of ICICI Securities.

On Thursday, ICICI Securities told the stock exchanges that about 72 percent of its shareholders voted in favor of delisting, although the majority of retail shareholders opposed the move.

In a vote on March 27, 83.8 percent of ICICI Securities’ institutional investors supported the scheme, while 67.8 percent of regular investors opposed it. Overall, 72 percent of public shareholders approved the delisting scheme.

According to the merger scheme, ICICI Securities stockholders would receive 67 shares of ICICI Bank for every 100 equity shares held in ICICI Securities.

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