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ICICI Bank, country's largest private lender, will be raising up to Rs 50,000 crore through private placement of securities including bonds and non-convertible debentures (NCDs).
“The bank has assessed its fund requirements and it is proposed that the borrowing limits… by way of securities including but not limited to bonds and NCDs be fixed at Rs 50,000 crore, a reduction from the limit of Rs 1,00,000 crore approved at the last Annual General Meeting (AGM),” said the bank in the AGM notice sent to the exchanges on Wednesday.
The private bank will seek the approval by the shareholders for its fund-raising plans at the AGM, which is due to be held on June 29.
Following the news, the shares of ICICI Bank jumped over 1 per cent to trade at about Rs 296 per share on the BSE.
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