Private sector lender ICICI Bank will offload up to two per cent stake in its broking and investment banking unit ICICI Securities.
As on June 30, ICICI Bank held 79.22 per cent stake in ICICI Securities, which offers services like broking, distribution of financial products, wealth management and investment banking.
A total of 6.44 million shares will be sold in the open market. The sale is in accordance with the requirement of the minimum public float of the company, said ICICI Bank.
Once a company is listed, the promoters are required to bring down their shareholding to 75 per cent within a stipulated period to meet the minimum public float requirement of 25 per cent, according to market regulator SEBI norms.
At 10:30 am, ICICI Bank was trading 1.17 per cent higher at Rs 393.90 per share.
( With inputs from ANI )
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