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Mumbai, Jan. 19 ICICI Bank will dilute up to 15 per cent stake in its wholly owned subsidiary ICICI Securities through an initial public offering and a private placement of equity shares over the next six months.

This was approved by the ICICI Securities board in its meeting today, said a press release.

As on December 31, 2007, the topline income of ICICI Securities was Rs 257 crore, which includes revenue from online retail broking, distribution of retail products, institutional equity broking and wealth management, said Mr S. Mukherji, Managing Director and CEO, ICICI Securities.

There would be a 2-3 per cent pre-IPO placement and 10 per cent of the IPO will be for the public.

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ICICI to dilute 15% stake in I-Sec thru IPO

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