ICICI Bank shares jump 3% in early trade1 min read . Updated: 11 Aug 2020, 12:30 PM IST
The stock rises by 2.90% to ₹374.15 on the BSE. It jumps 2.95% to ₹374.30 on the NSE
NEW DELHI : Shares of ICICI Bank on Tuesday gained 3% after the company set a floor price of ₹351.36 per share for its proposed share sale to raise up to ₹15,000 crore.
The stock rose by 2.90% to ₹374.15 on the BSE.
It jumped 2.95% to ₹374.30 on the NSE.
The floor price for the qualified institutional placement (QIP) of shares is at a discount of over 3% to Monday's close of ₹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 ₹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 ₹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.