I-Sec seeks nod for private placement ahead of IPO
Domestic investment banking firm ICICI Securities (I-Sec), where parent firm ICICI Bank is seeking to unlock value by selling shares to public and institutional investors, is believed to have sought the government’s approval for foreign equity inf...
By TNN |
NEW DELHI: Domestic investment banking firm ICICI Securities (I-Sec), where parent firm ICICI Bank is seeking to unlock value by selling shares to public and institutional investors, is believed to have sought the government���s approval for foreign equity infusion.
ICICI Bank���s board had approved in January an initial public offer (IPO) and private placement of shares to one or more institutional investors. According to sources, the foreign investment promotion board (FIPB) is likely to take up a proposal by I-Sec to bring in foreign equity capital at its meeting to be held on Friday. Following the board meeting in January, ICICI Bank���s joint managing director and CFO Chanda Kochhar had said the shares of ICICI Securities would be listed on the bourses in about six months.
The board had decided to offload 15% of its shares to retail and institutional investors. ICICI Securities, having an equity capital of Rs 61 crore, is a major player in retail broking and has posted revenues of Rs 527 crore during the first nine months of 2007-08, while profits were at Rs 108 crore in the same period. Earlier this week, ICICI Bank CEO and MD KV Kamath had said the I-Sec IPO would come out in due course.
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