ICICI Bank launches QIP with floor price of ₹351.36 per share

Our Bureau. Mumbai | Updated on August 10, 2020 Published on August 10, 2020

Board earlier gave approval to raise up to ₹15,000 cr

Private sector lender ICICI Bank on Monday launched its fund raising exercise through a qualified institutional placement.

The Bank has set a floor price of ₹351.36 per equity share. Its board will be meeting on August 14 to decide QIP issue price.

In a regulatory filing, the bank said at the meeting held on August 10, the issuance committee of the board, inter-alia, passed resolutions authorising the opening of the issue today.

The country’s second largest private sector lender is understood to have lined up investors for the QIP.

The Bank’s board had on July 8 approved raising up to ₹15,000 crore by way of issuance of securities, through one or more permissible modes including but not limited to a private placement, preferential issue, qualified institutions placement, follow-on public offering or a combination.



Funds via stake sale

To strengthen its balance sheet, ICICI Bank had recently also sold four per cent shareholding in ICICI Lombard General Insurance and 1.5 per cent shareholding in ICICI Prudential Life Insurance. The transactions helped raise ₹3,036 crore.

Recently, mortgage lender Housing Development Finance Corporation and Axis Bank also launched QIPs to raise capital. ICICI Bank’s total capital adequacy ratio stood at 16.32 per cent and Tier-1 capital adequacy ratio was 14.93 per cent on a standalone basis as on June 30, 2020.

Its scrip closed 1.61 per cent up at ₹ 363.60 apiece on BSE on Monday.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on August 10, 2020
This article is closed for comments.
Please Email the Editor