"The plan still stays. The intent is to unlock value...In general the market is not correct today. It does not make sense to start any of this now. We will do it when the market is good," ICICI Bank Joint Managing Director Chanda Kochhar said.
"We wish to unlock the value, not that we are in desperate need of capital. We have enough capital in the bank to fund the grwoth of our subsidiary," she said.
In January, the bank board had approved offloading 15 per cent of ICICI Securities to retail and institutional investors. Soon after Chanda Kochhar had said that the shares of ICICI Securities would be listed in the next six months.
"We will do the listing over a period of time. First we will list ICICI Securities as the insurance business is on a steep growth phase. Also, there are no listed insurance companies to benchmark the valuations," she said. Asked when she expected market conditions to stabilise, Kochhar said that in the medium term the equity markets should adjust as people realise the strong fundamentals of the country.