ICICI Bank has sold 2 per cent stake in ICICI Securities for around Rs 310 crore through open market sale in a step towards meeting the minimum public shareholding norms.
The bank sold 64.42 lakh equity shares of face value of Rs 5 each, it said in a regulatory filing. The bank's shareholding in the company stands at 77.22 per cent post this divestment.
"ICICI Bank, the promoter of the company, has today divested 6,442,000 equity shares of face value of Rs 5 each of the company, representing 2.00 per cent of the equity share capital of the company at June 30, 2020, on the stock exchange for an approximate total consideration of Rs 3.10 billion, through an open market sale," it said.
On Wednesday, the Board of Directors of the bank approved the share sale in ICICI Securities towards compliance with the requirement of minimum public float.
As per SEBI norms, after the listing of a company, promoters need to bring down their shareholding to 75 per cent within a stipulated period to meet the minimum public shareholding requirement of 25 per cent.