The shares of ICICI Securities will be listed on stock exchanges in about six months, ICICI Bank Joint Managing Director & CFO Chhanda Kochhar said here.

The Board of Directors of ICICI Securities approved the proposal at a meeting held on Saturday. The company’s equity capital is Rs 61 crore. Besides ICICI Securities, the bank also plans to list three other subsidiaries, including the insurance arms to unlock shareholder value, CEO K V Kamath had said recently.

Without indicating the size of the IPO, Ms Kochhar said it is not necessary that the bank will sell the shares out of the present holding. There may be a fresh issuance of shares and 15 per cent of the post-issue capital will be with public. ICICI Securities is a major player in retail broking and posted revenues of Rs 527 crore during the first nine months of the current fiscal while profits were Rs 108 crore in the same period.

Ms Kochhar said there has been reduction in the growth of retail loans from 35 per cent earlier to 12 per cent now. However, it is not only for ICICI Bank but an industry trend.