ICICI Bank will sell up to 2.21 per cent stake in ICICI Securities through an offer for sale on December 9 and 10.
The proposal was approved by the board of directors of ICICI Bank on Tuesday. In a regulatory filing, ICICI Securities said the OFS will take place on December 9 for non-retail investors and on December 10 for retail investors.
The floor price has been set at ₹440 per share, which amounts to a 4.75 per cent discount on ICICI Securities’ closing price of ₹460.90 a piece on the BSE on Monday. No discount is being offered to retail investors.
Meanwhile, in a separate regulatory filing, ICICI Bank said: “The board of directors of the bank, at its meeting held today, approved the sale of up to 7,121,403 equity shares of face value ₹5 each of ICICI Securities Limited, representing up to 2.21 per cent of its issued and paid-up equity share capital, through an offer for sale through stock exchange mechanism, in accordance with applicable law, towards compliance with the requirement of minimum public float.”
As on September 30 ICICI Bank held 77.22 per cent stake in ICICI Securities. The private sector lender had sold two per cent stake in its securities and broking arm in August this year.
ICICI Bank scrip closed 0.42 per cent lower at ₹508.50 apiece on the BSE.