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Mumbai: Private sector lender ICICI Bank said on Wednesday its board has approved to offload up to 2 per cent stake in broking and investment banking unit ICICI Securities.
Such sale will help the bank meet the 25 per cent minimum public shareholding (MPS) requirement. A total of 6.44 million shares will be sold in the open market.
As on June 30, ICICI Bank held 79.22 per cent stake in ICICI Securities. The bank must bring down its stake to at least 75 per cent by March next year to meet the MPS norms.
Ahead of the announcement, ICICI Securities closed flat at Rs 505.80 on the BSE, while benchmark Sensex rose 0.6 per cent to close at 39,074 points. The stock has risen 131 per cent over the last one year.
Such sale will help the bank meet the 25 per cent minimum public shareholding (MPS) requirement. A total of 6.44 million shares will be sold in the open market.
As on June 30, ICICI Bank held 79.22 per cent stake in ICICI Securities. The bank must bring down its stake to at least 75 per cent by March next year to meet the MPS norms.
Ahead of the announcement, ICICI Securities closed flat at Rs 505.80 on the BSE, while benchmark Sensex rose 0.6 per cent to close at 39,074 points. The stock has risen 131 per cent over the last one year.