India-based private sector lender ICICI Bank has rolled out an institutional share sale to raise as much as INR150bn ($2bn).
The bank set the floor price at INR351.36 per equity share for its qualified institutional placement (QIP) offering.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
According to CNBC-TV18, ICICI Bank’s QIP offering already closed receiving bids of nearly INR620bn ($8.30bn).
The issue price per equity share and the allotment is expected to be determined by the bank on 14 August.
In its release, ICICI Bank said: “A meeting of the issuance committee of Board of Directors of the Bank is scheduled to be held on Friday, 14 August 2020 to, inter alia, consider and determine the issue price for the equity shares to be allotted to qualified institutional buyers, pursuant to the Issue.”
The fundraising follows the share sales of HDFC, Axis Bank, and others collectively raising as much as INR266bn ($5bn) within a week.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIndian banks and non-banks are looking to raise funds through equity markets to boost their balance sheets and cover the disruptions caused by the Covid-19 pandemic.
ICICI Bank is being advised on the share sale by investment bankers including Bank of America, Morgan Stanley, BNP Paribas, ICICI Securities, and others.
For the quarter ended June, ICICI Bank registered INR25.99bn in net profit – a year-on-year increase of 36%.
ICICI Bank offloaded a 4% stake in ICICI Lombard General insurance arm and 1.5% in ICICI Prudential Life Insurance, during the quarter.
