The lender said that its board has approved such fundraising in one or more tranches, through means such as private placement, preferential issue, qualified institutions placement, follow-on public offering or a combination thereof.
Over the weekend, ICICI Bank had said that it’s board will meet on Wednesday to consider raising funds through a equity share sale as it looks to further strengthen its balance sheet. This is the third large private lender after Kotak Mahindra Bank and Axis Bank to make such similar announcements. HDFC Bank has said it is looking to raise funds through debt instruments.
ICICI Bank had stated that it would look at further strengthening the balance sheet as opportunities arise, and in line with this intent, the board was scheduled to meet on Wednesday to discuss and consider the proposal of raising funds by issue of equity shares and other equity linked securities.
Ahead of the announcement, shares of ICICI Bank closed 1.81 per cent lower at Rs 368.90 per share, while benchmark Sensex shed 0.94 per cent to close at 36,329.01 points.