ICICI Bank Ltd on Friday said that it sold 6.44 million shares or 2% stake of ICICI Securities Ltd for ₹310 crore via open market transaction.
With this sale, ICICI Bank holds 77.22% stake as of June quarter in ICICI Securities.
This sale was to meet SEBI guidelines of 25% minimum public shareholding requirement, the lender said in a notice to BSE.
The lender have now time till March next year to bring down its stake to at least 75% to become compliant of SEBI guidelines.
At 10 am, ICICI Bank was trading 2% higher to ₹400 a share while ICICI Securities gained 1% to ₹496 a share.
