 "ICICI Bank to pare holding in ICICI Securities via OFS on Dec 9-10")
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.
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