ICICI Bank's board will meet on July 8 to discuss and consider the proposal of raising funds by issue of equity shares and/or other equity linked securities, subject to shareholders’ approval and regulatory and other approvals as may be required. While announcing its results for the quarter ended March 31, 2020 on May 9, 2020, ICICI Bank had said that lender would look at further strengthening the balance sheet as opportunities arise.
ICICI Bank Ltd. is considering raising as much as $3 billion in a share sale, Bloomberg had reported last month, citing sources.
India’s second-largest private sector bank will be joining its peers in seeking capital to expand lending business, betting on an economic recovery once the coronavirus pandemic subsides.
Private sector lender Axis Bank on Thursday said it has received board of director's approval for raising funds up to ₹15,000 crore though issuance of various securities.
In a regulatory filing Axis Bank said the board at its meeting held on Thursday had approved the proposal relating to raising of funds not exceeding ₹15,000 crore.
Last month, ICICI Bank divested 21,500,000 equity shares of face value of Rs. 10 each of ICICI Prudential Life Insurance Company Limited on the stock exchange for an approximate total consideration of ₹840 crore.
ICICI Bank had also divested 3.96% stake in ICICI Lombard General Insurance Company for ₹2,250 crore on the stock exchange. (With Agency Inputs)
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