ICICI Securities shares limit losses as board says will consider dividend next week

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Published: April 5, 2018 10:58:26 AM

Shares of the brokerage arm of ICICI group ICICI Securities capped the losses on the second day of trading on Thursday after the company made an extremely dull stock market debut yesterday with shares plunging as much as 17% in the intraday dealings.

ICICI Bank fined Rs 59 croreThe stock of ICICI Securities jumped about 2.43% to a day’s peak of Rs 455.9 on NSE on Thursday. (Image: Reuters)

Shares of the brokerage arm of ICICI group ICICI Securities capped the losses on the second day of trading on Thursday after the company made an extremely dull stock market debut yesterday with shares plunging as much as 17% in the intraday dealings. ICICI Securities has said that the board of director will consider the recommendation of dividend along with the financial results for the fiscal year 2017-2018.

“The board of directors of the company will, inter-alia, consider approval of the audited annual accounts & financial results of the company for the financial year ended March 31, 2018 and consider the recommendation of dividend, if any, on the equity shares for the financial year ended March 31, 2018 at its Meeting to be held on April 14, 2018,” ICICI Securities said in an exchange filing.

The stock of ICICI Securities jumped about 2.43% to a day’s peak of Rs 455.9 on NSE while the stock advanced 2.01% to a day’s high of Rs 454 on BSE after opening marginally higher on both the bourses on Thursday. Earlier yesterday, shares of ICICI Securities tanked more than 17% to open at Rs 431 against the issue price of Rs 520 on NSE.

Also Read | What happened to the shares of ICICI Securities on the stock market listing

ICICI Securities IPO was the fourth initial share sale from India’s leading financial conglomerate ICICI group and third public offering in the last three years. ICICI Securities had failed to achieve full subscription in the three-day bidding process due to under subscription by the HNI (High Networth Individual) clients. Following which ICICI Securities slashed the IPO size by nearly Rs 500 crore. On Tuesday this week, ICICI Securities informed that the company has successfully raised about Rs 3,515 crore at the upper end of price band of Rs 520 (including the anchor portion of Rs 1,717 crore).

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