ICICI Bank To Sell 2.21% Stake In ICICI Securities Through OFS

On Tuesday, ICICI Bank said that it will sell up to 2.21% of its stake in ICICI Securities through an offer for sale (OFS), to comply with the minimum public shareholding norms.

In a stock exchange filing, the private sector lender said its board has approved the sale of its up to 7,121,403 equity shares in ICICI Securities, representing up to 2.21% of the company's issued and paid-up equity share capital through an OFS.

Shares of ICICI Bank closed 0.4% lower at Rs 508.50 on Tuesday, while those of ICICI Securities rose 1.36% to Rs 460.90, ahead of the filing.

In August, ICICI Bank had offloaded up to 2% stake in the broking and investment banking unit.

As on 30 September, ICICI Bank held 77.22% stake in ICICI Securities but the bank has to bring down its stake to at least 75% by March next year to meet shareholding norms.