Private sector lender ICICI Bank will offload 2.21 per cent stake in ICICI Securities, its broking and investment banking arm.
The share sale will take place through the offer for sale (OFS) route on December 9 and 10.
The floor price for the OFS has been fixed at Rs 440 per share. If fully subscribed, ICICI Bank will be able to raise at least Rs 313 crore. Shares of ICICI Securities ended at Rs 461 on Tuesday.
Currently, ICICI Bank holds about 77.2 per cent stake in ICICI Securities. The share sale will help the bank comply with the minimum public shareholding norms. ICICI Securities had come with an IPO in March 2018. The issue was priced at Rs 520 per share.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU