ICICI Bank to raise up to Rs 15,000 cr to support business growth

The lender joins a slew of other private sector banks who have undertaken a similar exercise

Private sector lender ICICI Bank plans to raise upto Rs 15,000 crore to support business growth and create a buffer to absorb any shocks from economic disruption caused by the Covid-19 pandemic.

Its Board of directors approved a plan for raising of funds for an amount aggregating up to Rs 150 billion in one or more tranches, by issuing securities, through one or more permissible mode.

It may use modes like private placement, preferential issue, qualified institutions placement, follow-on public offering or a combination of them. The fund raising is subject to shareholders’ approval through a postal ballot process and