ICICI Bank rose 1.42% to Rs 374.65, extending gains for second day.
Shares of the private lender have added 4% in two sessions from its recent closing low of Rs 360.25 on 17 August 2020. During the same period, the S&P BSE Sensex and the S&P BSE Bankex have gained 1.6% and 2.7%, respectively.
The media reported that the People's Bank of China (PBOC) could have acquired a very small stake in ICICI Bank by investing Rs 15 crore through the recently closed Rs 15,000-crore qualified institutional placement (QIP) of shares of the private bank.
The Chinese central bank was reportedly among the 357 institutional investors that subscribed to the issue. Based on the bank's current market capitalization of Rs 2.57 lakh crore, the investment by PBOC translates into a 0.0058% stake in ICICI Bank.
ICICI Bank allotted 41.89 crore equity shares at Rs 358 each under the recently concluded QIP issue. The issue opened on 10 August 2020 and closed on 14 August 2020. The bank intends to use the proceeds of the issue for strengthening its capital adequacy ratio, thereby improving the bank's competitive positioning or general corporate requirements apart from any other purposes as may be permissible under the applicable law.
Also Read
In the QIP issue, ICICI Bank allotted 4.64 crore shares (or 11.08% of the total shares offered in the issue) to Government of Singapore, 3.06 crore shares (or 7.31% of the total shares offered in the issue) to Morgan Stanley Investment Management Inc. and 2.32 crore shares (or 5.55% of the total shares offered in the issue) to Societe Generale, a French multinational investment bank and financial services company.
ICICI Bank is one of India's leading private banks. The private sector lender posted reported a 36.2% rise in net profit to Rs 2599.15 crore on a 21.8% jump in total income to Rs 26069.95 crore in Q1 June 2020 over Q1 June 2019.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content