ICICI Bank prices public issue of equity shares at Rs.940

ICICI Bank Ltd has announced that the public issue of equity shares by the Bank in India, of Rs 8,750 crore (US$ 2,149 million), which was open from June 19, 2007 to June 22, 2007, has been priced at Rs 940 (US$ 23.1) per equity share. The issue has a green shoe option of Rs 1,312.5 crore (US$ 322 million). This is part of the Bank's consolidated capital raising exercise of Rs 17,500 crore (US$ 4,298 million), with a green shoe option of Rs 2,625 crore (US$ 644 million), the largest capital raising exercise by an Indian Company.

The issue price represents a premium of 3.6% to the average closing price since the announcement of the issue on April 28, 2007. The issue was subscribed 11.5 times with the Qualified Institutional Buyers category being subscribed 21.6 times, Non Institutional Investors category being subscribed 6.1 times and Retail Individual Investors category being subscribed 1.0 time.

The Bank's American Depositary Share (ADS) offering of US$ 2.14 billion has been priced at US$ 49.25 per ADS, translating into a price of approximately Rs 1,002.5 per equity share and representing a premium of approximately 6.6% over the domestic issue price. Each ADS represents two equity shares of the Bank. The ADS offering has a green shoe option of US$ 0.32 billion.

Goldman Sachs (India) Securities Pvt Ltd, DSP Merrill Lynch Ltd, Enam Financial Consultants Pvt Ltd and JM Financial Consultants Pvt Ltd were the Book Running Lead Managers for the public issue in India.

Source : Equity Bulls

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