Looking to unlock shareholder value across the group, ICICI Bank will list at least four of its subsidiaries and the process could commence within six months, starting with its brokerage arm ICICI Securities, the Bank’s Managing Director & CEO K V Kamath said on Wednesday.

Asked whether the first of the subsidiaries would hit the market in next 3-6 months, Kamath told PTI in an interview: “I would think that six-month period is a fair expectation. We have not yet taken the approval of the board.”

Noting that ICICI Securities could be the first of the lot to hit the capital market, he said it could be soon followed by two insurance arms — life insurance unit ICICI Prudential and general insurance arm ICICI Lombard, and the 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. About listing other subsidiaries as well, Kamath said there could be two more probable listings — that of MF arm and private equity.

Hidden values

“At current levels, we are undervalued. If you look at embedded value, 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,” he said.

“Every company needs to consider unlocking of value at various points of time and at this point it would be fair to start unlocking value in subsidiaries,” Kamath said.