ICICI arm’s listing set for June quarter (Live mint.com 9th Jan 2008)Amid soaring valuations for recently listed Indian brokerages, ICICI Bank Ltd’s plan to list its brokerage arm ICICI Securities Ltd in the quarter starting April is set to be placed before the largest Indian private bank’s board soon. According to the people familiar with the developments, an in-principle decision was taken at a management meeting on 5 January. Based on the valuations of its peers, Vaibhav Agrawal, an analyst at Angel Broking Ltd, says ICICI Securities would contribute about Rs45 per share to ICICI Bank’s current share price, in what is known as sum of the parts valuation where analysts assign a valuation to each business part of the holding company. ICICI shares rose 6.1%, or about Rs78, on Monday to Rs1,363.90 a share even as the bank said it is exploring various options but had no announcement to make. On Tuesday, the shares fell 2%, or Rs30.40 a share, to close at Rs1,333.50. More
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