Authors: TheIndianSubcontinent News Agency
The public issue comprises sale of 64,428,280 equity shares, amounting to 20 per cent stake, by ICICI Bank, according to the draft red herring prospectus (DRHP).
The offer includes a reservation of up to 32.21 lakh shares for individual and Hindu Undivided Family (HUF) shareholders of ICICI Bank.
According to merchant banking sources, the initial public offer (IPO) is expected to garner Rs 3,000-4,000 crore.
"The objects of the offer for the company are to achieve the benefit of listing the equity shares on the stock exchanges. Further, the company expects that the listing of equity shares will enhance its visibility and brand image and provide liquidity to its existing shareholders," the preliminary papers noted.
DSP Merrill Lynch, IIFL Holdings, SBI Capital Markets, Citigroup Global Markets India, Edelweiss Financial Services and CLSA India will manage the company's public issue.
Earlier this year, ICICI Bank had diluted part of its holding in ICICI Lombard General Insurance Company's IPO.
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