ICICI Bank will sell about 7.72 crore shares or 24% stake in its brokerage arm ICICI Securities Ltd. in an initial public offering to be launched next week.
The bank will raise as much as ₹4,020 crore from the offering.The price range for the offering was set in the range of ₹519-520 per share and the IPO will open from March 22 to 26.
The subscription will open for anchor investors or in others large local and foreign institutions on March 21, while retail investors canapply between March 22 and March 26.
This is the third subsidiary listing by ICICI Bank, after IPO of its life and non-life insurance business in the past two years.
The fund raising will help the bank to strengthen its capital base, amid raising bad loan situation.
ICICI Bank will continue to hold 76% stake in the company post the issue