ICICI Bank to raise Rs 20,000 cr

It’s yet another indication of how fast India Inc is growing. Anticipating $500 billion (Rs 20 lakh crore) of investments by Indian corporates over the next three years, ICICI Bank plans to raise $5 billion (Rs 20,000 crore) through equity issues this year to finance those investments. Hoping to cash in on the hectic mergers and acquisitions activity in India and abroad, the bank board on Saturday announced that it was raising capital through a domestic issue as well as American depository receipts. The largest issue from any Indian bank before this was also by ICICI Bank — an issue of Rs 7,000 crore in 2005.

First Published: Apr 29, 2007 05:07 IST