Private lender ICICI Bank shares on Tuesday gained 3 per cent after the company set a floor price of Rs 351.36 per share for its proposed share sale to raise up to Rs 15,000 crore.
The stock rose by 2.90 per cent to Rs 374.15 on the BSE. At 1:38 pm ICICI shares were Rs 365.85 at 2.30 Per cent.
It jumped 2.95 per cent to Rs 374.30 on the NSE. Shares were Rs 366.05 at 2.50 per cent at the time of filing the report.
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The floor price for the qualified institutional placement (QIP) of shares is at a discount of over 3 per cent to Monday’s close of Rs 363.60 on the BSE.
The bank’s issuance committee, which met on Monday evening, decided to open the issue immediately and set the floor price of Rs 351.36 per share, according to a regulatory filing by the lender.
The committee will meet again this Friday to determine the issue price for the equity shares to be allotted to qualified institutional buyers, pursuant to the issue.
The bank will be joining a slew of lenders, including largest pure-play mortgage lender HDFC which raised Rs 14,000 crore last week, and also others like Axis Bank and Kotak Mahindra Bank, who have raised capital as the system braces for a loan impairment impact.
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