ICICI Bank has announced that it will sell up to 2% of its holding, which contributes to 6,442,000 equity shares with a face value of Rs 5 each, in its subsidiary ICICI Securities through an open market sale.
“The board of directors of the bank approved the sale of up to 6,442,000 equity shares of face value Rs 5 each of ICICI Securities Limited, representing up to 2.0% of its issued and paid up equity share capital, through an open market sale, in accordance with applicable law, towards compliance with the requirement of minimum public float of the company,” the company mentioned in a regulatory exchange.
The sale of the shares will help ICICI Bank to meet the SEBI criteria of maintaining minimum public float requirement of 25%. According to BSE data, ICICI Bank holds 79.22% equity stake in ICICI securities, which amounts to 25,52,16,095 shares as of June 30, 2020. The bank should further reduce its stake to at least 75% to fulfill SEBI norms.
