ICICI Bank Limited, one of India’s leading private sector banks, held a Board Meeting on June 27, 2025, resulting in several key decisions. These strategic resolutions reflect the bank’s proactive approach to corporate governance, shareholder engagement, and operational enhancement.
ICICI Bank to Acquire Additional Stake in ICICI Prudential Asset Management
The most notable resolution from the meeting was the approval to acquire an additional 2.0% stake in ICICI Prudential Asset Management Company Limited, a subsidiary of the bank. This decision is in line with the bank’s earlier disclosure on February 12, 2025, regarding the potential public listing of the AMC and its intent to retain majority control post-listing.
The acquisition is primarily aimed at counterbalancing any dilution resulting from stock-based compensation offered by the AMC to its employees. This move ensures the bank continues to have a controlling interest, which is crucial for strategic alignment and long-term value creation. The purchase, however, is contingent on receiving requisite regulatory approvals.
Announcement of the Thirty-First Annual General Meeting (AGM)
The Board also approved convening the Thirty-First Annual General Meeting of shareholders on August 30, 2025, at 11:00 a.m. IST. Reflecting modern governance practices, the AGM will be conducted through Video Conferencing/Other Audio-Visual Means (VC/OAVM) to ensure wider participation.
The Notice of the AGM and the Annual Report for FY 2024–25 will be sent electronically to shareholders whose email addresses are registered with the bank or its registrar. For those without registered emails, a letter with a web link to access the documents will be sent. The Record Date to determine eligibility for dividend has been fixed as August 12, 2025.
Appointment of New Secretarial Auditor
To further strengthen its compliance and governance mechanisms, ICICI Bank has appointed M/s. Parikh Parekh & Associates, a prominent firm of Practicing Company Secretaries based in Mumbai, as its Secretarial Auditor for a term of five years from FY2026 to FY2030. Known for their expertise in corporate law, SEBI regulations, and FEMA compliance, the firm is expected to enhance ICICI Bank’s regulatory adherence and operational transparency.
Amendment to ADR Deposit Agreement
Another significant resolution was the proposed amendment to the ICICI Bank ADR Deposit Agreement. Subject to approval from the Reserve Bank of India (RBI), this change will allow voting rights to be granted to holders of American Depository Shares (ADS). However, these rights will be contingent on the ADS holders proving their compliance with Section 12B of the Banking Regulation Act, 1949, and related guidelines.
This move could potentially boost investor confidence among international stakeholders by increasing their influence in corporate decisions.
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