ICICI Bank raised Rs 15,000 crore from share sale under QIP

ICICI Bank, the second largest bank in the private sector, has completed the allocation of shares under the QIP (Qualified Institutional Placement) of its equity shares. The bank gave this information on Saturday. Also, the bank said that it has raised about Rs 15,000 crore through QIP. The bank will use this money to further the business and meet regulatory capital requirements.

ICICI Bank said in a statement that under the (QIP), 41.89 crore shares have been allocated to investors at an issue price of Rs 358 per share. Significantly, the bank had set a minimum price of Rs 351.36 per share for its QIP earlier this week. It opened on 10 August and closed on 14 August.

The Singapore Monetary Authority took 4.6 crore shares during the sale of shares, which is 11.06 per cent of the QIP issue size. Other major investors include Morgan Stanley Investment Funds Global Opportunity Fund and Societe Generale-ODI. In addition, it has also seen participation of foreign portfolio investors, domestic mutual funds and insurance companies.

On Friday, ICICI Bank’s stock closed at 361.45, down 1.75 per cent or Rs 6.45 on the National Stock Exchange. At the same time, the bank’s stock closed at 360.90, down by 1.94 percent or Rs 7.15 on the National Stock Exchange on Friday. The bank’s full M-cap is Rs 2,34,090.06 crore.