ICICI Bank okays part stake sale in ICICI Securities through IPO

Private sector ICICI Bank today said its board has approved a proposal to sell part-stake in fully-owned broking business subsidiary ICICI Securities through an initial public offer (IPO).

It, however, did not mention the size of the stake it wants to divest.

"The board of directors of the bank today approved the sale of a part of its shareholding in ICICI Securities Ltd (the Company) in an initial public offering by the Company, subject to requisite approvals and market conditions," ICICI Bank said in a regulatory filing.

The lender said the size and other details of the offer would be determined in due course.

The broking arm of the bank offers services such as investment banking, institutional broking, retail broking, private wealth management and financial product distribution.

The Mumbai-headquartered company operates out of 66 cities and towns across the country and has global offices in Singapore and New York.

ICICI Bank shares traded 1.79 per cent down at Rs 310.50 on BSE.