Share price of ICICI Bank rose nearly 2% in Monday's early trade after the private sector lender said its board would meet on Wednesday, July 8, 2020, to discuss and consider the proposal of raising funds.
The lender will choose from among various options including the issue of equity shares and/or other equity-linked securities.
The lender earlier stated that it would look at further strengthening the balance sheet as opportunities arise during its earnings announcements for the quarter ended March 31, 2020.
Earlier, a Bloomberg report had stated the lender could raise as much as $3 billion.
Following the news, ICICI Bank share price opened at intraday high of Rs 368, rising 1.9% against the earlier closing price of Rs 361 on BSE. The stock also touched the day's low of Rs 361.35 today.
ICICI Bank share price has risen 6.11% in one week and 1.93% in one month. ICICI Bank shares trade higher than 5, 20 and 50-day but lower than 100 and 200-day moving averages.
Market capitalisation of the lender stood at Rs 2,35,790 crore as of today's session. ICICI Bank stock has gained after 2 days of consecutive fall.
In the process of raising capital, India's second-largest private sector bank earlier on June 22 divested 1.5% stake in ICICI Prudential Life Insurance Company for Rs 840 crore. The lender had also sold a 3.96% stake in ICICI Lombard General Insurance Company for Rs 2,250 crore.