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.