India ICICI Secs plans to sell 3 pct pre-IPO-report

MUMBAI, March 3 (Reuters) - ICICI Securities Ltd, the broking arm of India's ICICI Bank Ltd (ICBK.BO: Quote, Profile, Research, Stock Buzz)(IBN.N: Quote, Profile, Research, Stock Buzz), plans to sell about 3 percent of its equity to institutional investors ahead of its initial public offering, the Mint paper said on Monday.

The paper, citing an unnamed source familiar with the plan, said the private placement was part of a plan to sell 10 percent of ICICI Bank's equity in ICICI Securities.

"With 3 percent going to institutional investors, 7 percent will be sold to the public through a share sale," it said.

ICICI Bank was looking at a valuation of around 180 billion rupees ($4.5 billion) for ICICI Securities, and had given JPMorgan India (JPM.N: Quote, Profile, Research, Stock Buzz) the mandate for the deal, the paper said, citing the source.

A spokesman for ICICI Securities reiterated ICICI Bank's previously announced plan to sell 15 percent of ICICI Securities through an IPO and private placements.

"We have nothing more to add," he said.

ICICI Bank, India's No. 2 lender, said in January it would float an IPO for ICICI Securities in the next six months. ($1=40.2 rupees) (Reporting by Rina Chandran; Editing by John Mair)