The private bank’s stake sale in ICICI Securities comes as a step towards compliance of the requirements of minimum public shareholding under applicable law.
In a filing to exchanges, ICICI Bank said, “ICICI Bank (the “Bank”), the promoter of the Company, has today divested 6,442,000 equity shares of the face value of Rs5 each of the Company, representing 2% of the equity share capital of the Company at June 30, 2020, on the stock exchange for an approximate total consideration of Rs310cr, through an open market sale.”
Following the share sale, ICICI Bank’s shareholding in ICICI Securities now stands at 77.22%.
On Sensex, ICICI Bank stock ended at Rs409.75 per piece, higher by 4.41%. As for ICICI Securities, the stock settled flat at Rs492 per piece.
