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ICICI Bank to raise $2.1 bn in share sales

ICICI Bank to raise $2.1 bn in share sales
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First Published: Wed, Jun 13 2007. 04 52 PM IST
Updated: Wed, Jun 13 2007. 04 52 PM IST
Mumbai: ICICI Bank, India’s second largest bank, said on 13 June it had filed offer documents to raise up to Rs 87.5 billion ($2.1 billion) in a sale of shares in India.
The bank had earlier announced plans to raise up to $5 billion in share sale in India and the United States, said sources in the bank.
The bank said it had filed offer documents to sell shares to raise up to Rs 87.5 billion ($2.1 billion) in India, and a spokesman said the balance would be raised through a sale of American Depositary Receipts.
The fund-raising plan was first announced in late April.
Subject to regulatory approval, the bank expected the Indian share offer to open on June 19 and run until June 22, and the US offering would be run simultaneously, bank officials who did not want to be identified said.
Indicative price bands would be set near the opening of the issues, they said. DSP Merrill Lynch, Goldman Sachs, Enam Financial Consultants and JM Morgan Stanley are the Indian issue managers.
Rivals HDFC Bank and UTI Bank have announced plans to raise about $1 billion and about $600 million respectively in share sales, as banks raise money to meet the demand for loans for capacity expansions and the purchase of homes and cars in the rapidly growing economy.
ICICI, a trendsetter in retail loans in India, has been realising the value of some of its investments.
On Tuesday, it said it was selling 5.9% of ICICI Financial Services Ltd, which holds stakes in insurance and mutual fund ventures, for Rs 26.50 billion. ($1=Rs 40.9)
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First Published: Wed, Jun 13 2007. 04 52 PM IST
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