Mumbai, The Board of Directors of ICICI Bank on Tuesday approved the sale of up to 2.21 per cent shares in ICICI Securities to comply with the requirement of minimum public shareholding of the company.

The sale will be done through offer for sale (OFS) through the stock exchange mechanism.

"The Board of Directors of the bank approved the sale of up to 7,121,403 equity shares of face value Rs 5 each of ICICI Securities Ltd, 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, towards compliance with the requirement of minimum public float of the company," ICICI Bank said in a filing.

On Tuesday, shares of ICICI Securities on the BSE closed at Rs 460.90, higher by Rs 6.20, or 1.36 per cent, from its previous close.