Mumbai/IBNS: ICICI Bank Saturday said it completed the allotment of equity shares under QIP (Qualified Institutional Placement) and raised nearly Rs 15,000 crore through the issuance of 418,994,413 equity shares at an issue price of Rs 358 per unit.
"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 bank's equity shares on BSE and NSE prior to the launch of issue," the bank said in its filing to the exchanges.
The equity issuance witnessed participation from global and domestic investor community, including foreign portfolio investors, domestic mutual funds and insurance companies.
The issue opened on August 10 and closed on August 14, the bank said.
"Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the bank stands increased from Rs.12,952,832,416 consisting of 6,476,416,208 equity shares of face value Rs 2 each to Rs 13,790,821,242 consisting of 6,895,410,621 equity shares of face value Rs 2 each," the private lender said in a statement.
The names of allottees who have been allotted more than 5 per cent of the equity shares in the issue are Monetary Authority of Singapore (11.08 per cent), Morgan Stanley Investment Management Inc (7.31 per cent) and Societe Generale (5.55 per cent).
“The proceeds of the issue will be used towards strengthening the capital adequacy ratio of the bank, improving the bank’s competitive positioning and/or 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 statement read.
The private lender thanked the investors for their faith and said, “well-positioned to serve the market and benefit from the opportunities that would arise going forward … In these extraordinary times of the Coronavirus pandemic, the Bank will continue to strive to serve its customers and also emerge stronger as an institution.”