• 15/08/2022 9:36 pm

#ICICI Bank QIP: Floor price set at Rs 351.36 per share

Private lender ICICI Bank on August 10 launched its qualified institutional placement (QIP), setting the floor price at Rs 351.36 per equity share.

“A meeting of the issuance committee of board of directors of the bank is scheduled to be held on August 14 to determine the issue price for the equity shares to be allotted to qualified institutional buyers, pursuant to the issue,” ICICI Bank said in its BSE filing.
A decision on the final issue price and allotment will be taken on August 14.
The country’s second largest private sector lender ICICI Bank had on July 8 made public its board’s decision to raise up to Rs 15,000 crore in core capital through a variety of routes. With this latest capital raising round, the lender joins its peers- Axis Bank, Kotak Mahindra Bank, Federal Bank and Yes Bank– who have either raised fresh capital or decided to do so soon, amid the COVID-19 pandemic.
In June, ICICI Bank had raised over Rs 3,000 crore by selling nearly 4 percent in its general insurance subsidiary and 1.5 percent in its life insurance business arm.
The bank had also made an additional COVID-19 related provision of Rs 5,550 crore in the June quarter, taking total COVID-19 related provisions to Rs 8,275 crore.
Meanwhile, HDFC launched its QIP issue last week and the bidding for its secured redeemable non-convertible debentures would take place on August 10. The housing finance major planned to raise Rs 14,000 crore through equity and Rs 9,000 crore via NCDs.
Axis Bank also launched its QIP issue last week at a floor price at Rs 442.19 per equity share.
ICICI Bank share price closed 1.61 percent higher at Rs 363.60 on August 10.​
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