ICICI IPO on June 19

Mumbai, June 14 (UNI) Rs 20,000 crore Initial Public Offer (IPO) of ICICI bank, which has come close on the heels of a Rs 9625 crore issue of DLF, will open for subscribers on June 19.

The mega offer has come as part of a USD 5 Billion capital raising programme. This apart, the bank will raise USD 2.5 billion from the issue of American Depository Shares (ADS).

''The public offer is an important part of our growth and will bring in profitability to the investors,'' said ICICI Chairman K V Kamath to reporters announcing the issue.

The mammoth capital accumulation exercise has been brought into augment the Bank's capital base for future capital adequacy requirements and to moot corporate expansion plans.

Of the total issue, retail investors have been allocated 35 per cent on proportional basis, 5 per cent of which has further been reserved to existing retail investors.

Among the rest, 50 per cent will go to Qualified Institutional Bidders(QIBs), wherein 15 per cent to Institutional Bidders.

In addition to equity issues, the Bank will also raise money by selling shares of the holding company for its insurance businesses, for which the bank is awaiting regulatory clearances. The issue will close on June 22.

UNI