ICICI Securities Delisting Con

 ICICI bank delisted its subsidiary ICICI Securities at a remarkably lower valuation benefiting itself at the cost of the minority investors. I will not go into the valuation part, thats been amply covered by other more capable people (e.g. finshots). Rather, I will try unmask the duplicity of the big institutional investors who supported the delisting.

One of the biggest voters for the proposal was Norges Bank Investment Management, now why would they vote for something that gave them less money for their ICICI Securities investment, unless, unless they also held shares in ICIC Bank, bingo, thats what it was, they have 8,947,781,537 invested in ICICI Bank vs 905,526,291 in ICICI Securities, so they figure they will make more money if their larger investment gets something cheap at the cost of their smaller investment. I am pretty sure this is the case with all other institutional investors who voted for the proposal.

One more instance where the stock market is rigged to favour the big guys. Does SEBI care, obviously not as they seem to have thrown all other rules out of the window for this de-listing.