ICICI board okays stake sale in subsidiary

Private sector ICICI Bank  on Tuesday 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 (Tuesday) 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.