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ICICI Bank raises Rs 15,000 crore through QIP

ICICI Bank on Saturday said that it has raised Rs 15,000 crore through Qualified Institutional Placement (QIP) of equity shares

twitter-logoBusinessToday.In | August 15, 2020 | Updated 16:20 IST
ICICI Bank raises Rs 15,000 crore through QIP
The issue price represents a 1.9 percent premium to the floor price

ICICI Bank on Saturday said that it has raised Rs 15,000 crore through Qualified Institutional Placement (QIP) of equity shares. The private sector lender also said that it has completed the issuance of 41.89 crore equity shares at an issue price of Rs 358 per unit.

The issue price represents a 1.9 percent premium to the floor price determined based on the pricing formula as prescribed under Regulation 176(1) of the Security and Exchange Board of India's (SEBI's) ICDR Regulations, and a 1.5 percent discount to the closing price of the bank's equity shares on the BSE/NSE prior to the launch of the issue, the bank said in an exchange filing.

"The equity issuance witnessed healthy participation from the global and domestic investor community, including foreign portfolio investors, domestic mutual funds and insurance companies," said ICICI Bank.

"The proceeds of the issue will be used towards strengthening the bank's capital adequacy ratio, improving its 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 or its duly constituted committee," it added.

The private bank also said that it is well-positioned to serve the market and benefit from the opportunities that will arise going ahead.

"In these extraordinary times of coronavirus pandemic, the bank will continue to strive to serve its customers and also emerge stronger as an institution," it said.

Shares of ICICI Bank ended the intraday trade on Friday at Rs 360.90, down 7.15 points, or 1.94 per cent on NSE.Also read: Independence Day 2020 PM Modi speech: Key highlights

Also read: Made in India coronavirus vaccine soon, waiting for scientists' approval: PM Modi in Independence Day speech

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