ICICI Bank will offload 2% in ICICI Securities to attain 25% public holding

Private sector lender ICICI Bank on Wednesday said it plans to offload two per cent in broking and investment banking arm ICICI Securities.

The move is towards meeting the 25 per cent minimum public shareholding (MPS) requirement.

Some 6.44 million shares will be sold in the open market, the lender has said.

At the current market price, ICICI Bank will be able to mop up Rs 326 crore.

Shares of ICICI Securities ended unchanged at Rs 505.8 on Wednesday.

The stock has more than doubled from this year lows amid a strong rebound in the market.

A spurt in new account openings and surge in trading volumes has seen ICICI Securities, country’s leading brokerage, outperform the market.

ICICI Bank currently holds 79.22 per cent stake in ICICI Securities, which got listed in March 2018. The bank has time till March next year to bring down its stake to at least 75 per cent to become complaint of MPS norms.