ICICI Bank Sets QIP Issue Floor Price At Rs 351 Per Share

On Monday, ICICI Bank announced qualified institutional placement (QIP) of equity shares wherein the private lender has fixed a floor price of Rs 351.36 per share for the issue.

The announcement was made post market hours.

The decision on the final issue price and allotment will be taken on 14 August.

"A meeting of the issuance committee of board of directors of the bank is scheduled to be held on August 14 to determine the issue price for the equity shares to be allotted to qualified institutional buyers, pursuant to the issue," said ICICI Bank in its BSE filing.

Of late, banks including Axis Bank, Kotak Mahindra Bank, Federal Bank and Yes Bank have either raised funds or decided to do so to prepare for the deficiencies caused by the COVID-19 pandemic.

ICICI Bank's board has approved raising of funds for an amount aggregating up to Rs 15,000 crore in one or more tranches.

In June, the bank raised over Rs 3,000 crore by selling nearly 4 percent in its general insurance subsidiary and 1.5 percent in its life insurance business arm. It also made an additional COVID-19 related provision of Rs 5,550 crore in the June quarter, taking total COVID-19 related provisions to Rs 8,275 crore.