ICICI Bank raises Rs 15,000 crore through QIP of equity shares

ICICI Bank said on Saturday it has completed the allotment of equity shares under its qualified institutions placement and raised about Rs 15,000 crore through the issuance of 41.89 crore equity shares at an issue price of Rs 358 per unit.

ICICI Bank said on Saturday it has completed the allotment of equity shares under its qualified institution's placement and raised about Rs 15,000 crore through the issuance of 41.89 crore equity shares at an issue price of Rs 358 per unit. The issue price represents a 1.9 percent premium to the floor price determined based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations and a discount of 1.5 percent to the closing price of bank's equity shares on BSE and NSE prior to the launch of the issue.

"The equity issuance witnessed healthy participation from the global and domestic investor community, including foreign portfolio investors, domestic mutual funds, and insurance companies," said ICICI Bank in a statement. According to regulatory filings, the names of allottees are the Monetary Authority of Singapore (11.08 percent), Morgan Stanley Investment Management Inc (7.31 percent), and Societe Generale (5.55 percent).

"The proceeds of the issue will be used towards strengthening the bank's capital adequacy ratio, improving its competitive positioning and or general corporate requirements or any other purposes as may be permissible under the applicable law and approved by the board of directors or its duly constituted committee." The private sector lender said it is well-positioned to serve the market and benefit from the opportunities that will arise going forward.

"In these extraordinary times of coronavirus pandemic, the bank will continue to strive to serve its customers and also emerge stronger as an institution," it said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)