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ICICI Bank’s Board of Directors has approved the sale of up to 2.21 per cent stake in company’s brokerage arm, ICICI Securities, via an offer for sale. The share sale process is happening towards compliance with the requirement of minimum public float of the company, the private sector lender said. The sale will be done by an offer for sale (OFS) through the stock exchange mechanism.
“The board of directors of the bank, at its meeting held today, approved the sale of up to 7,121,403 equity shares of face value of Rs 5 each of ICICI Securities representing up to 2.21 per cent of its issued and paid-up equity share capital, through an offer for sale through stock exchange mechanism,” ICICI Bank said in a regulatory filing on Tuesday.
At the floor price of Rs 440 per share, ICICI Bank will be able to raise at least Rs 313.34 crore by offloading stake in its subsidiary.
In a separate filing, ICICI Securities said that ICICI Bank proposes to sell up to 2.21 per cent shares. The sale will kick-start on December 9, 2020 with the non-retail investors only participants.
On December 10, the sale will take place for retail investors and for those non-retail investors who choose to carry forward their un-allotted bids.
“The floor price for the sale shall be Rs 440 per share. The stock exchanges are required to ensure that the floor price is immediately informed to the market,” ICICI Securities said in the filing.
ICICI Bank, the promoter of the company, held 77.22 per cent stake in ICICI Securities as of September 30, 2020.
In accordance with the minimum public float requirement, once a company is listed, its promoters are required to bring down their shareholding down to 75 per cent within the stipulated minimum shareholding period so as to meet minimum public float of 25 per cent.