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ICICI Bank raises Rs 15k cr through QIP of equity shares
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SME Times News Bureau | 15 Aug, 2020
Lending major ICICI Bank has raised nearly Rs 15,000 crore through the
allotment of equity shares under its Qualified Institutions Placement
(QIP).
Accordingly, the bank issued 4,18,994,413 equity shares at an issue price of Rs 358 per equity share.
"The
issue price represents a 1.9 per cent premium to the floor price
determined based on the pricing formula as prescribed under Regulation
176 (1) of the SEBI ICDR Regulations and a discount of 1.5 per cent to
the closing price of the Bank's equity shares on the BSE or NSE prior to
the launch of the issue," the lender said in a statement.
"The
equity issuance witnessed healthy participation from the global and
domestic investor community, including foreign portfolio investors,
domestic mutual funds, and insurance companies."
"According to
the lender, the proceeds of the issue will be used towards strengthening
the capital adequacy ratio of the bank, improving its competitive
positioning and 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
bank believes that it is well-positioned to serve the market and
benefit from the opportunities that would arise going forward," the
statement said.
"The bank continues to be guided by its
philosophy of 'Fair to Customer, Fair to Bank' and emphasises the need
to deliver a fair proposition to its customers while creating value for
its shareholders.
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