NEW DELHI: Private sector lender ICICI Bank on Friday said that it has sold 2 per cent of its stake in its brokerage arm I-Sec (or ICICI Securities) through an open market transaction which has gained it Rs 310 crore. ICICI Bank, the promoter of I-Sec, has now divested 64,42,000 equity shares of the face value of Rs 5 each of the company on the stock exchange, the lender said in its regulatory filing.
Earlier on Wednesday, the board of directors of ICICI Bank had approved the sale of shares in the subsidiary to comply with the minimum public float requirement. "Following this divestment, the bank’s shareholding in the company stands at 77.22 per cent," it said in its statement.
According to current norms, once a company is listed, its promoters are required to bring down their shareholding to 75 per cent within a stipulated period to meet the minimum public float requirement of 25 per cent. ICICI Securities had been listed on the stock markets in April 2018.