Mumbai: ICICI Bank announced plans on 14 June to sell shares in India and the US to raise as much as Rs17,500 crore ($4.3 billion), which would be the largest-ever share sale by an Indian firm.
In India, the bank plans to raise up to $2.15 billion through the offer and an equal amount through American Depositary Receipts, said K.V. Kamath, chief executive and managing director of ICICI.
The company already has shares listed on the New York Stock Exchange and the Bombay and National bourses in India.
The offer will open on 19 June for a period of four days in both countries with the price band due to be announced Monday, 18 June, Kamath said.
“The Indian economy is in a high growth phase of close to 10%. We believe India is set for greater structural economic reform,” Kamath told reporters in the financial hub Mumbai.
ICICI’s shares fell Rs6.90 or 0.76% to Rs906 in late afternoon trade on 14 June, while the 30-share benchmark Sensex index rose 199.36 points or 1.42% to 14,202.39.
ICICI’s offer coincides with the country’s biggest initial public offer by real-estate company DLF which aims to raise as much as $2.4 billion and closes on 14 June.
Kamath said the bank will use the money to expand international and rural banking and offer more loans to consumers.
Goldman Sachs, DSP Merrill Lynch and JM Financial Consultants are the lead managers to the ICICI issue.