ICICI Bank on Saturday (15 August 2020) announced that it raised approximately Rs 15,000 crore through qualified institutions placement (QIP) of 41.89 crore equity shares at Rs 358 each.
The issue opened on 10 August 2020 and closed on 14 August 2020. "The proceeds of the issue will be used towards strengthening the capital adequacy ratio of the Bank, improving the Bank's 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 of the Bank or its duly constituted committee, the private lender said in a statement.
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.
Pursuant to the QIP allotment, the paid-up equity share capital of the bank stands increased to Rs 1,379.08 crore consisting of 689.54 crore equity shares from Rs 1,295.28 crore consisting of 647.64 crore equity shares.
The scrip shed 0.06% to Rs 361.25. It traded in the range of 356.80 and 367.15 so far during the day.
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.
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