OFS floor price fixed at Rs 440 a share. If fully subscribed, ICICI Bank will be able to raise at least Rs 313 crore
ICICI Bank | ICICI Securities | Markets
BS Reporter |
Last Updated at December 9, 2020 00:28 IST
Private sector lender ICICI Bank will offload 2.21 per cent stake in ICICI Securities, its broking and investment banking arm.
The share sale will take place through the offer for sale (OFS) route on December 9 and 10.
The floor price for the OFS has been fixed at Rs 440 per share. If fully subscribed, ICICI Bank will be able to raise at least Rs 313 crore. Shares of ICICI Securities ended at Rs 461 on Tuesday.
Currently, ICICI Bank holds about 77.2 per cent stake in ICICI Securities. The share sale will help the bank comply with the minimum public shareholding norms. ICICI Securities had come with an IPO in March 2018. The issue was priced at Rs 520 per share.
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First Published: Tue, December 08 2020. 19:30 IST