Categories: Business

ICICI Bank raised Rs 15,000 crore from QIP, issued 41.89 crore shares to investors at Rs 358


ICICI Bank closes QIP; garners Rs 15,000 cr from share sale

new Delhi. ICICI Bank, the country's second largest private bank, said on Saturday that it has completed the allocation of equity shares under its Qualified Institutional Placement (QIP) and has raised Rs 15,000 crore through it. This amount will be used to meet business growth and regulatory capital requirements. The bank said in a statement that a total of 41.89 crore equity shares have been allotted to investors at the rate of Rs 358 per share.

Earlier this week, the bank fixed a floor price of Rs 351.36 per share for the QIP. The issue opened on 10 August and closed on 14 August. During the share sale, the Monetary Authority of Singapore bought 4.6 crore shares, which is 11.06 percent of the total QIP. Other major investors include Morgan Stanley Investment Fund Global Opportunity Fund and Societe General ODI, which bought 7.31 per cent and 5.55 per cent of the shares respectively.

Apart from global, domestic investors also showed considerable interest in this sale. These include foreign portfolio investors, domestic mutual funds and insurance companies. Last week, HDFC Bank has also raised Rs 14,000 crore through QIP. Axis Bank and Kotak Mahindra Bank have also raised funds.

This post was published on August 15, 2020 6:07 pm

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