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Private sector lender ICICI Bank will sell up to 2 per cent stake in ICICI Securities through an open market sale to meet minimum public float norms.
“The board of directors of the bank, at its meeting held today, approved the sale of up to 6,442,000 equity shares of face value ₹5 each of ICICI Securities, representing up to 2 per cent 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,” it said in a regulatory filing on Wednesday.
ICICI Securities is the brokerage arm of ICICI Bank. It was listed through an initial public offering (IPO) in March 2018.
As on June 30, 2020, ICICI Bank holds 79.22 per cent stake in it while the balance 20.78 per cent is with public shareholders. Under current regulations, all listed entities must have a minimum public float of 25 per cent.
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