ICICI Prudential Mutual Fund has sold a portion of the ICICI Securities stake it bought to allegedly bail out the group company’s initial public offering, said two people familiar with the development. The country’s largest mutual fund offloaded 4.61 million shares of ICICI Securities in secondary market transactions in the past week or so after the Securities and Exchange Board of India (Sebi) directed the asset management company to compensate investors in schemes that had participated in the issue. A spokesperson for the fund house confirmed that the shares had been sold to comply with the regulator’s instructions.
