You are here: Home » Companies » News
Business Standard

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.

Topics
Icici Securities Ipo

Press Trust of India  |  New Delhi 

ICICI

Private sector ICICI Bank today said its board has approved a proposal to sell part-stake in fully-owned broking business subsidiary ICICI 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 bank today approved the sale of a part of its shareholding in ICICI Securities Ltd (the Company) in an initial public offering by the Company, subject to requisite approvals and market conditions," ICICI Bank 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 bank 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 Singapore and New York.

ICICI Bank shares traded 1.79 per cent down at Rs 310.50 on BSE.

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

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