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| ICICI Securities puts listing plans on hold |
| Press Trust of India / Mumbai Mar 15, 2009, 13:31 IST |
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With a bearish stock market, ICICI Securities said it has put on hold plans to go for an initial public offer.
"We are not having any listing plans right now... We have adequate capital... In the current situation, when valuations are depressed, it (listing) will not be beneficial for shareholders," ICICI's broking arm Managing Director and CEO Madhabi Puri Buch told PTI.
The company will wait for a more appropriate time (to hit the capital market), Buch said.
In January last year, ICICI Securities board had approved an IPO to offload 15 per cent of its equity to retail and institutional investors.
Asked when she expected revival in the IPO market, Buch said disinvestment of large public-sector undertakings could be the way forward and she did not expect this to happen until the new government takes over after General elections.
A couple of large IPOs of PSUs could set the ball rolling triggering more IPOs, she said, adding, the earliest this could happen was in the second quarter of the next fiscal.
On FII outflow, Buch said, she did not expect anymore 'knee-jerk' reactions from foreign investors and the large part of FIIs in India were long-term investors.
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