ICICI Bank said on Tuesday that it will be selling up to 71.21 lakh shares (2.21% equity) in ICICI Securities through an offer for sale to meet the MPS (minimum public shareholding) norm.

“The Board of Directors of the Bank, at its meeting held today, approved the sale of up to 7,121,403 equity shares of face value Rs. 5 each of ICICI Securities Limited (“Company”), representing up to 2.21 per cent of its issued and paid-up equity share capital, through an offer for sale through stock exchange mechanism, in accordance with applicable law, towards compliance with the requirement of the minimum public float of the Company,” ICICI Bank said in a stock exchange filing. On Tuesday, ICICI Securities’ stock on BSE closed nearly 1.5 per cent higher at Rs 461.50. The market regulator (Sebi) on Tuesday cautioned ICICI Securities to exercise due care for accuracy in its research reports.

“The Institutional Research Team of ICICl Securities had issued a Research Report on the Q1 results of Vedanta Ltd on October 5, 2020. In this report, it was inadvertently mentioned that – Vedanta has highlighted the SEBI approved book value (ex the revaluation reserves) of Rs 89.3 /share. The same should be read as – Vedanta has highlighted that the FY20 book value is Rs 89.3 /share. “SEBI, as a matter of policy, neither approves nor disapproves any Book Value or Delisting Price,” the market regulator said. “ICICI Securities Ltd. is hereby cautioned to be careful in future, ensure compliance with the provisions of SEBI (Research Analyst) Regulations, 2014 and exercise due care for accuracy in its research reports,” said Sebi.

“The Company believes that letter does not have any material impact on the financial position of the Company,” said ICICI Securities in a stock exchange filing.Board of Directors of the Bankicici bankICICl SecuritiesSEBI