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ICICI Bank to sell 2.21% equity stake in ICICI Securities via OFS on Dec 9-10

ICICI Bank to sell 2.21% equity stake in ICICI Securities via OFS on Dec 9-10
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ICICI Bank to sell 2.21% equity stake in ICICI Securities via OFS on Dec 9-10

Highlights

Private sector lender, ICICI Bank on Tuesday said that it will offload 2.21 per cent equity stake or 71.21 lakh shares in ICICI Securities, its broking and investment banking arm, through an offer for sale (OFS).

Private sector lender, ICICI Bank on Tuesday said that it will offload 2.21 per cent equity stake or 71.21 lakh shares in ICICI Securities, its broking and investment banking arm, through an offer for sale (OFS).

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, a 6% discount to Tuesday's closing price of Rs 461.

In a regulatory filing, the private lender said, "The Board of Directors of the Bank at its meeting held on Tuesday, December 8, 2020, approved the sale of up to 7,121,403 Equity Shares (representing up to 2.21 per cent of the total issued and paid-up equity share capital of the Company) 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."

The OFS will open for non-retail investors on T Day, i.e. December 9, 2020. The sale will take place on the separate window on the stock exchanges on T Day and the non-retail investors who have placed their bids on T Day may indicate their willingness to carry forward their un-allotted bids to T+1 Day. The sale will open for the retail investors and the non-retail investors who choose to carry forward their un-allotted bids on T+1 day, i.e. December 10, 2020, on the separate window of the stock exchanges. T Day and T+1 Day are collectively referred to as, "Sale Dates".

ICICI Bank is selling the shares to comply with the minimum public shareholding norms. ICICI Bank held a 77.2 per cent stake in ICICI Securities as on September 30, 2020.

ICICI Securities had come with an IPO in March 2018 at an issue price of Rs 520 per share. All newly listed companies will have to comply with 25 per cent public holding norms within three years of listing.

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