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

By Staff
|

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.

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

Read more about: icici bank icici securities
Story first published: Tuesday, December 8, 2020, 20:07 [IST]
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