Private sector lender ICICI Bank has sold two per cent stake in its brokerage arm ICICI Securities for ₹310 crore.
“As a step towards ICICI Securities’s compliance with the requirements of minimum public shareholding… , the promoter of the company, has today divested 6,442,000 equity shares of face value of ₹5 each of the company, representing 2 per cent of the equity share capital of the company at June 30, 2020, on the stock exchange for an approximate total consideration of ₹3.10 billion, through an open market sale,” ICICI Bank said in a regulatory filing on Friday.
Post the share sale, the bank’s state in ICICI Securities now stands at 77.22 per cent. ICICI Securities was listed through an initial public offering (IPO) in April 2018. Under current regulations, all listed entities must have a minimum public float of 25 per cent.