Private sector Bank ICICI has sold about 2% stake in ICICI Securities for Rs. 310 crore through an open market transaction leading to an increase in the shares of ICICI Bank over 2% in Friday’s trade, as per reports. The board of ICICI had approved to offload up to 2% stake in broking and investment banking unit ICICI securities on Wednesday and a total of 6.44 million shares were to be sold in the open market.
On BSE, the shares of ICICI Bank rose 2.51% and hit a high of Rs 402.30 following the sales. There was also an advancement of 2.72% of the shares of ICICI Securities leading to Rs 504.30.
The sale will help the bank to meet the 25% Minimum Public Shareholding (MPS) requirement.
To meet the MPS norms the bank has to reduce its stake in ICICI Securities to at least 75% by March next year, which as on June stands at 79.22%.
