ICICI Bank Follow-on Public Issue to raise Rs.8750 Crores

ICICI Bank Ltd has announced that the Bank has filed Red Herring Prospectus with SEBI and with the Registrar of Companies, Ahmedabad for Public issue of equity shares of Rs 10 each for cash at a price to be determined by book building (including a share premium per equity share) aggregating Rs 87,500 million.

The Bank has decided to keep a 5% reservation in the FPO for existing shareholders, who on the close of the business hour of June 13, 2007 hold equity shares of the Bank, not exceeding in aggregate Rs 1,00,000/- in value, as determined on the basis of closing price of equity shares on National Stock Exchange of India Ltd on that date.

The details relating to such reservation have been disclosed in the Red Herring Prospectus. Other details relating to the issue, such as the Price Band for the FPO, will be announced by the Bank in due course.

The stock was trading at Rs.923.70, up by Rs.4.65 or 0.51%. The stock hit an intraday high of Rs.937 and low of Rs.917.20. The total traded quantity was 136218 compared to 2 week average of 176348.

Source : Equity Bulls

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