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Societe Generale sells 90 lakh ICICI Bank shares, stock rises over 2%

Share price of ICICI Bank gained  2.43% to Rs  389.25 against previous close of Rs 380.20 on BSE

twitter-logoBusinessToday.In | August 25, 2020 | Updated 14:08 IST
Societe Generale sells 90 lakh ICICI Bank shares, stock rises over 2%
ICICI Bank share has gained 5.49% in 3 days.

ICICI Bank share was trading higher in afternoon session today even as Societe Generale sold the bank's shares worth nearly Rs 341 crore through an open market transaction. Share price of ICICI Bank gained  2.43% to Rs 389.25 against previous close of Rs 380.20 on BSE. The large cap share has gained 5.49% in 3 days. Market cap of the firm rose to Rs 2.68 lakh crore.

Total 12.85 lakh shares changed hands amounting to turnover of Rs 46.66 crore on BSE.

The share trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. The large cap share has lost 2% in one year and fallen 28% since the beginning of this year.

As per the block deal data available on the BSE, Societe Generale sold 90 lakh shares or 0.17% of equity in the private lender at  Rs 378.6 apiece, aggregating to Rs 340.74 crore.

Shares were bought by Merrill Lynch Markets Singapore Pte Ltd, according to stock exchange data.

People's Bank of China buys into ICICI Bank amid 'Boycott China' movement

In a related development, People's Bank of China made an investment in the private lender in first half of August.

Chinese central bank was among the investors in ICICI Bank's Rs 15,000 crore capital raising exercise. The  Chinese bank signed a cheque of Rs 15 crore in the private bank under the qualified institutional placement (QIP).

The lender also said it 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.

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