The financial conglomerate ICICI group is coming up with the IPO (initial public offering) of its fully owned subsidiary ICICI Securities.
The financial conglomerate ICICI group is coming up with the IPO (initial public offering) of its fully owned subsidiary ICICI Securities. ICICI Bank on Tuesday said that its board of directors has approved a proposal to sell a partial stake in ICICI Securities through a public offer. “The board of directors of the bank today approved the sale of a part of its shareholding in ICICI Securities Limited (the Company) in an initial public offering by the Company, subject to requisite approvals and market conditions,” ICICI Bank said in an exchange filing. “The size and other details of the offer would be determined in due course,” ICICI Bank added.
ICICI group has three companies which are listed on Indian exchanges namely, second-largest private sector lender ICICI Bank, ICICI Prudential Life Insurance Company, and the recently listed ICICI Lombard General Insurance Company. The broking arm of ICICI Bank, ICICI Securities is a Mumbai-based company offers services such as investment banking, institutional broking, retail broking, private wealth management and financial product distribution. ICICI Securities operates in 66 cities and towns in India and has global offices in New York and Singapore.
Earlier in September 2017, another ICICI group and Fairfax Holdings raised about Rs 5,700 through the share sale in ICICI Lombard General Insurance. The IPO of ICICI Lombard was subscribed 2.9525 times on the last day of bidding. Through the initial public offering, stakeholders ICICI Bank Ltd and Fairfax Financial Holdings Ltd sold around 86.24 million shares.
Shares of ICICI Bank settled 1.25% lower at Rs 312.2 on BSE today. Meanwhile, Sensex and Nifty lost up to 1%, ended down after the slump in the shares of Reliance Industries, Lupin and State Bank of India. However, domestic stock markets hit the fresh record highs in the early afternoon trade. The sell-off in the stocks of heavyweight companies such as Lupin, Cipla, Bharti Airtel, State Bank of India, RIL, Tata Motors and Sun Pharma led the indices into the red. BSE Sensex lost 360.43 points or 1.07% to finish at 33,370.76 points while NSE Nifty washed off 101.65 points or 0.97% to end at 10,350.15 points.