India's largest private sector bank, ICICI Bank will raise Rs 4,020 crore by selling 24 percent stake in its brokerage and investment banking arm, ICICI Securities Ltd through Initial Public Offering (IPO) which will start from March 22 and closes on March 26, 2018.
The price band for ICICI Securities initial public offer (IPO) has been fixed at Rs 519 to Rs 520 per equity share, ICICI Bank said.
The anchor investor bid/offer period will be open for subscription on March 21, it said.
"The price band for the Offer, as decided by ICICI Bank Limited (being the selling shareholder)...has been fixed on March 14, 2018, at Rs 519 to Rs 520 per equity share of ICICI Securities," it said.
ICICI Securities includes ICICIdirect.com, an online booking platform. It will be the third issue from the ICICI in three years, and it follows the ICICI Prudential Life Insurance IPO in the year 2016 for Rs 6,000 crore and ICICI Lombard General Insurance IPO in the year 2017 for Rs 5,700 crore.
ICICI Banks owns 100 percent stake in ICICI Securities Ltd. The 24 percent stake sale values the company at Rs 16,750 crore. The Bank will continue to hold the remaining 76 percent stake in the company after the IPO.