ICICI Bank gains on fund raising plan

It decided to raise Rs 25,000 crore in tranches via private placement of bonds, debentures and securities including bonds and NCDs

Shares of ICICI Bank have surged 2% to Rs 248 on the BSE after the private lender decided to raise Rs 25,000 crore in tranches via private placement of bonds, debentures and securities, including bonds and non-convertible debentures (NCDs).

During the AGM, the bank will seek approval from shareholders to raise up to Rs 25,000 crore. The capital will be raised over a span of one year from the date of passing of the resolution.

ICICI Bank said it has borrowed Rs 6,500 crore by way of issue of non-convertible debentures on private placement basis since the last AGM till May 13, 2016.

 

The stock opened at Rs 244 and touched a high of Rs 250 on the BSE. A total of 315,225 shares changed hands on the BSE.