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Private sector lender ICICI Bank on December 8 said it plans to sell 2.21 per cent stake in ICICI Securities to comply with regulatory norms on minimum public float.
The Board of the bank approved the sale of 71.2 lakh shares through an offer for sale, the bank said in a note to exchanges.
This is to comply with the requirement of minimum public float of the company, the 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 Rs. 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 of the Company,” the bank said in the note to exchanges.
As on June 30, ICICI Bank held 79.22 per cent stake in ICICI Securities and as per the regulatory norms, the bank must reduce stake to at least 75 per cent by March, 2021.
Shares of ICICI Securities were closed at Rs461.50 apiece on BSE on December 8, up 1.48 per cent from the previous close.
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