Recently, there were reports quoting sources that the Securities and Exchange Board of India has directed ICICI Prudential Asset Management Company to pay back Rs. 240 crore, the amount equivalent to the bids it made on the final day of the public issue of ICICI Securities, to investors in its schemes. The amount was to be repaid with 15 per cent a year interest from the date of allotment till date, reports — selectively leaked to some media houses — had said.
The ICICI Securities public issue of 7.72 crore equity shares was launched in a price band of Rs. 519-520 between March 22 and March 26, 2018. The broking arm of ICICI Bank had raised Rs. 3,515 crore against the original target of Rs. 4,016 crore at the issue price of Rs. 520 a share, following the offer eliciting a sluggish response from investors.
