ICICI Bank to sell up to 2.21% stake in ICICI Securities via OFS  |  Photo Credit: BCCL

New Delhi: Private lender ICICI Bank said that it will sell up to 2.21% of its stake in ICICI Securities through an offer for sale (OFS).

In a stock exchange filing, the company said: 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 Rs. 5 each of ICICI Securities Limited (“Company”), representing up to 2.21% of its issued and paid-up equity share capital, through an offer for
sale through stock exchange mechanism, in accordance with applicable law, towards compliance with the requirement of the minimum public float of the Company.

Shares of ICICI Bank fell 0.4 per cent today to settle at Rs 508.50, while those of ICICI Securities rose 1.36 per cent to Rs 460.90.

The market regulator (Sebi) on Tuesday cautioned ICICI Securities to exercise due care for accuracy in its research reports.

The Institutional Research Team of IC/Cl Securities had issued Research Report on the Q1 results of Vedanta Ltd on October 5, 2020. In this report it was inadvertently mentioned that - Vedanta has highlighted the SEBI approved book value (ex the revaluation reserves) of Rs 89.3 /share. The same should be read as - Vedanta has highlighted that the FY20 book value is Rs 89.3 /share.

SEBI, as a matter of policy, neither approves nor disapproves any Book Value or Delisting Price, the market regulator said.

As on 30 September, ICICI Bank held a 77.22 per cent stake in ICICI Securities. The bank must bring down its stake to at least 75 per cent by March next year to meet shareholding norms.

The bank reported a six-fold jump in its September quarter net profit to Rs 4,251 crore. Net interest income rose 16 per cent year-on-year to Rs 9,366 crore during the period.

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