Financial Daily from THE HINDU group of publications
Tuesday, Feb 10, 2004
Financial Daily from THE HINDU group of publications Tuesday, Feb 10, 2004 |
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Money & Banking
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Private Banks ICICI Bank plans fresh equity issue Our Bureau
Mumbai , Feb. 9 THE board of directors of ICICI Bank will meet on Tuesday to discuss raising fresh equity capital, the bank informed the Bombay Stock Exchange today. While ICICI Bank officials declined to give details of the proposed equity issue pending a board decision, a source at the bank said it was likely to be offered to the Indian public. Another source said a rights issue could also be possible. ICICI Bank shares fell sharply on the news but bounced back to close the day 3.33 per cent higher at Rs 332 per share on the NSE. The source said the issue was likely to happen only after such mega ones as those of ONGC Ltd and GAIL India are over. ICICI Bank's authorised equity share capital is Rs 1,550 crore of which it has already raised Rs 613 crore. Total foreign investment in the bank is nearly 72 per cent, including portfolio investors, who own about 45 per cent, and American Depository Receipt holders, 26 per cent. While the Government recently allowed 74 per cent foreign direct investment in private banks, its policy on total foreign holdings is still unclear. Domestic institutions own about 14 per cent equity in the largest private sector bank with assets of about Rs 1.1 lakh crore.
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