ICICI Bank plans to sell 2.21% stake in ICICI Securities to meet norms

ICICI Bank, the second-largest private bank in the country, has said that it will sell 2.21% stake in its subsidiary company ICICI Securities. The sale will be done through Offer for Sale (OFS). Through this sale, the bank will at least fulfill the rules of shareholding.

Also Check: New Car on Your Mind? Know These 5 Things About Car Loans

Information given to the stock market

ICICI Bank said in a stock exchange filing that the board of directors of the bank in its meeting on Tuesday approved the sale of 71.21 lakh equity shares of ICICI Securities Limited at the rate of Rs 5 per share. ICICI Securities will hold that much share as 2.21%. Following the announcement of the sale, ICICI Securities shares rose 1.36% to Rs 460.90 on the Bombay Stock Exchange BSE on Tuesday.

SEBI warns

Let me tell you that on Tuesday, market regulator SEBI had warned ICICI Securities in its research report to take proper care of accuracy. Let us know you that the promoters holding in ICICI Securities is 77.22%. According to SEBI regulations, it should be 75%. 25% holding should be with the public. This stake will be sold to meet the same rule.

Also Check: Top 10 Richest Cities in India in 2021

Now holding 22.78%

Currently, public holding in ICICI Securities is 22.78%. The bank will get around Rs 328 crore from the sale of 2.21% stake. Its stock was at Rs 203 in March this year, which has now more than doubled to Rs 460. ICICI Securities basically provides broking and other services. Let us know that many companies of ICICI Group are listed. Now the next number is that of ICICI Prudential Asset Management which could be listed next year.