ICICI to open public issue on June 19

Chennai, June 18: India's largest private sector bank ICICI Bank Ltd today announced that it will open its public issue of equity shares on June 19.

The Bank proposed to raise Rs 8,750 crore in the domestic market through issue of follow-on-public offer (FPO) of equity share of Rs ten each, its Executive Director Madhadi Puri Buch told a press conference here.

The issue, with a priceband of Rs 885 to Rs 950, would close on June 22.

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

Of the consolidated Rs 20,125 crore, the capital raising exercise also planned to mop up Rs 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), he said.

UNI