ICICI issue opens June 19

Kochi, June 15 (UNI) As part of its consolidated capital raising exercise, the ICICI Bank will open its Follow-on Public Offer (FPO) on June 19 to garner Rs 8,750 crore.

Besides, there was a green shoe option under which the bank would allocate additional equity shares upto Rs 1,312.5 crore and operate a price stabilisation mechanism post-listing with DSP Merrill Lynch as the stabilising agent, said Bank Senior Manager Anup Bagchi at a road show for the issue, here today.

He said the price band of the issue, which closes on June 22, would be announced on June 18.

The public issue was part of the bank's consolidated capital raising exercise of Rs 20,125 crore including a green shoe option of Rs 2,625 crore.

Of this, Rs 10,062.5 crore would be raised through an American Depository Share (ADS) issue to be listed on the New York Stock Exchange (NYSE).

The issue would be made through book-building route and upto five per cent of the issue or Rs 437.5 crore, was reserved for existing retails shareholders of the bank, Mr Bagchi said.

The retail bidders also had the option of paying Rs 250 per share on application, Rs 250 on allotment and the balance on call to be made by the bank within six months from the date of allotment, he added.

UNI