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Home / Business News / ICICI bank raises $2 billion via institutional placement

ICICI bank raises $2 billion via institutional placement

The nation’s second-largest private-sector bank placed almost 419 million shares with qualified institutions at 358 rupees apiece, it said in a statement on Saturday. The issue opened on Aug. 10 and closed on Aug. 14.

business Updated: Aug 16, 2020, 14:31 IST
Bloomberg | Posted by Arpan Rai
Bloomberg | Posted by Arpan Rai
A man speaks on the phone outside an ICICI Bank branch in Kolkata, India.
A man speaks on the phone outside an ICICI Bank branch in Kolkata, India. (REUTERS)

ICICI Bank Ltd. has raised 150 billion rupees ($2 billion) in capital, joining a number of Indian lenders that are creating war chests as the coronavirus pandemic threatens to push up bad loans.

The nation’s second-largest private-sector bank placed almost 419 million shares with qualified institutions at 358 rupees apiece, it said in a statement on Saturday. The issue opened on Aug. 10 and closed on Aug. 14.

The Singapore government’s sovereign wealth fund picked up 11.08% of the placement, while a Morgan Stanley investment fund bought 7.31% and a Societe Generale SA fund took 5.55%, the Indian lender said.

ICICI Bank had already raised about 31 billion rupees by paring stakes in its publicly traded units, including ICICI Prudential Life Insurance Co. and ICICI Lombard General Insurance Co., according to exchange filings.

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