New Delhi, Jan 19 (UNI) ICICI Bank Ltd today said the board of ICICI Securities Ltd, a wholly-owned subsidiary of ICICI Bank Ltd, has approved a 15 per cent dilution in the company through an initial public offering of equity shares, as well a private placement to one or more institutional investors.
The board of ICICI Bank has also approved the proposed capital raising, said a statement.
ICICI Securities operations primarily encompass retail broking, institutional broking, distribution of retail financial products, wealth management and equity capital markets, including advisory services.
ICICI Securities is contemplating, subject to market conditions and regulatory approvals, an initial public offering of equity shares, which may include an offer for sale by the promoter.
The draft red herring prospectus will be filed with Securities and Exchange Board of India in due course, the statement added.
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