Looking to unlock shareholder value across the group, ICICI Bank will list at least four subsidiaries, and the process could commence within six months starting with its brokerage arm ICICI Securities, managing director and CEO K V Kamath said today.Asked whether the first of the subsidiaries would hit the market in the next 3-6 months, Kamath told PTI in an interview: "I would think that the six-month period is a fair expectation... We have not yet taken board approval."Noting that ICICI Securities could be the first of the lot to hit the market, he said it could be soon followed by two insurance arms - the life insurance unit ICICI Prudential and general insurance arm ICICI Lombard - and the bank's housing finance arm.Kamath said that listing of insurance and mutual fund subsidiaries would be subject to the previously proposed holding company for these businesses not coming through. The proposal for this is awaiting RBI clearance.When asked whether the bank would look at listing other subsidiaries as well, Kamath said there could be two more probable listings - of the mutual fund arm and the private equity business ICICI Ventures, but they could take some time."At current levels, we are undervalued... If you look at embedded value, clearly there is scope for valuation to look different... Value is visible in insurance and asset management company, while there is value embedded in securities and home loan subsidiaries," Kamath said."Every company needs to consider unlocking of value at various points of time. At this point of time, it would be appropriate to start considering opportunities to unlock (value in subsidiaries)."While declining to make any forward looking statements regarding the possible valuations of the subsidiaries ICICI Bank is looking to list separately, Kamath said the issues would be deliberated in due course.The bank would seek approval from the board and other statutory requirements at the appropriate time.
