The fund raising proposal is subject to the approval of shareholders
ICICI Bank shares gained nearly 2 per cent to touch an intra-day high of Rs 468 on the BSE after the leading private lender announced on Sunday that its board will meet on July 8 to consider raising funds through an equity share sale in order to strengthen its balance sheet. At 9:30 am, the shares of ICICI Bank were trading at Rs 365, higher by 1.1 per cent, on the BSE.
"ICICI Bank had stated that it would look at further strengthening the balance sheet as opportunities arise and in line with this intent, the Board of Directors will meet on July 8 to discuss and consider the proposal of raising funds by issue of equity shares and other equity linked securities," the private lender said in a notice to exchanges.
The bank said the fund raising proposal is subject to shareholders' approval as well as regulatory and other approvals, as may be required, but did not disclose the amount.
The BSE Sensex traded 294.68 points - or 0.82 per cent - higher at 36,316.10 and the NSE Nifty was up 93.00 points - or 0.88 per cent - at 10,700.35, at the time.
