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ICICI Bank okays part stake sale in ICICI Securities through IPO

The lender said the size and other details of the offer would be determined in due course.

Press Trust of India  |  New Delhi 

ICICI

Private sector today said its board has approved a proposal to sell part-stake in fully-owned broking business subsidiary Securities through an initial public offer (IPO).

It, however, did not mention the size of the stake it wants to divest.


"The board of directors of the today approved the sale of a part of its shareholding in Securities Ltd (the Company) in an initial public offering by the Company, subject to requisite approvals and market conditions," said in a regulatory filing.

The lender said the size and other details of the offer would be determined in due course.

The broking arm of the offers services such as investment banking, institutional broking, retail broking, private wealth management and financial product distribution.

The Mumbai-headquartered company operates out of 66 cities and towns across the country and has global offices in and New York.

traded 1.79 per cent down at Rs 310.50 on BSE.

First Published: Tue, November 07 2017. 15:52 IST
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