Tue. Sep 29th, 2020

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ICICI Bank shares jump 3% in early trade

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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.

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