ICICI fixes price band for its IPO

New Delhi, June 16 (UNI) India's largest private sector lendor ICICI Bank Ltd today announced the price band of its follow-on-public issue at Rs 885 to Rs 950.

The price band is 2.6 per cent higher than yesterday's closing of Rs 906 in BSE and is 4.6 per cent higher than the ADR.

The IPO plans to raise Rs 8,750 crore in the domestic market through issue of follow-on-public offer of equity share of Rs 10 each.

The issue will open on June 19, 2007 and close on June 22, 2007.

In addition, there is a green shoe option under which the bank may allocate additional equity share up to Rs 1,312.5 crore and operate a price mechanism post-listing, with DSP Merill Lynch as the stabilising agent.

Of the consolidated Rs 20,125 crore, the capital raising exercise also plans to mop up 10,062.5 crore including a green shoe option of Rs 1,312.5 crore through an issue of American Depositary Shares (ADS) listed in the New York Stock Exchange (NYSE).

UNI