ICICI Bank climbs on selling 2% stake in ICICI Securities

NEW DELHI: Shares of ICICI Bank jumped over 2 per cent in Friday's trade after a report suggested that the private lender has sold about 2 per cent stake in broking arm ICICI Securities for Rs 310 crore through an open market transaction.

The stake sale would help the bank meet the 25 per cent minimum public shareholding (MPS) requirement.

Following the development, shares of ICICI Bank rose 2.51 per cent to hit a high of Rs 402.30 on BSE. Shares of ICICI Securities advanced 2.72 per cent to Rs 504.30.


ET on Wednesday had reported that ICICI's board approved to offload up to 2 per cent stake in broking and investment banking unit. A total of 6.44 million ICICI Securities shares were to be sold in the open market.

As on June 30, ICICI Bank held 79.22 per cent stake in ICICI Securities. The bank was required to bring down its stake in ICICI Securities to at least 75 per cent by March next year to meet the MPS norms.