Shares of ICICI Bank declined on Wednesday after Temasek Holdings pared its stake in the private bank in a deal worth up to US$303mn.
Temasek held 39.83mn shares of ICICI Bank, or 3.46%, as of end-December, via its unit Allamanda Investments, according to exchange data.
ICICI Bank's 15.9mn shares were sold in the range of Rs 924 to Rs 937.75 each, reports said,. That is a slight discount to Tuesday's close price.
The deal would raise Rs 14.9bn at the top end of the price band, reports added.
Goldman Sachs was the sole bookrunning lead manager for the deal, according to reports.
Nearly 15.9mn shares in ICICI Bank changed hands in a block deal on the National Stock Exchange (NSE), data showed.
At 09:45 AM (IST), the ICICI Bank counter saw trading volume of 17.56mn shares on NSE. The stock was down Rs 20 or 2.1% at Rs 917.50 after being as low as Rs 912.60.
The shares, amounting to nearly 1.4% of the bank's equity, changed hands at a weighted average price of Rs 924.16 each, according to reports.