ICICI Bank on Tuesday said it will sell up to 2.21% of its stake in ICICI Securities through an offer for sale (OFS).
Total Number of Eq. Shares
The board has approved the sale of up to 7,121,403 equity shares of ICICI Securities which represents 2.21% of its issued and paid-up equity share capital.
Motive
The company said, the board has approved the share sale to comply with the requirement of minimum public float of the company.
About Norm?
The bank have to bring down its holdings to 75% by March next year to meet shareholding norms.
As on 30 September, ICICI Bank held 77.22% stake in ICICI Securities.
Company’s Financial
The private sector lender reported a of six-fold jump in its September quarter net profit to ₹4,251 crore.
Net interest income rose 16% year-on-year to ₹9,366 crore during the period.
Stock Market Impact
Shares of ICICI Securities were closed at Rs461.50 apiece on BSE on December 8, up 1.48 per cent from the previous close.
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