New Delhi: The country’s largest public sector lender, ICICI Bank, is raising up to Rs1,200 crore by issue of bonds.
“The bank plans to raise at least Rs500 crore by issuing Tier-II bonds, with an option to raise a further amount if the issue is oversubscribed,” merchant bankers close to the deal said.
Shares of ICICI Bank closed at Rs862.70 on the Bombay Stock Exchange (BSE), up 0.15% from its previous close at the end of Thursday’s trade. The scrip during the trade gained nearly one per cent to touch an intra-day high of Rs870.
The bank yesterday sold its points of sale (POS) terminal business (debit and credit card payments) to US-based First Data Corporation (FDC) for $80 million (about Rs400 crore).
The deal took place amid reports that the bank is planning to raise more funds by diluting its stakes in two firms—3i Infotech and Firstsource Solutions.
ICICI Bank through its various arms holds 29.97% stake in IT firm 3i Infotech and 26.67% in BPO firm Firstsource Solutions, according to its September quarter shareholding pattern available on the BSE.