ICICI Bank share price rises nearly 2% as board funding approval

ICICI Bank's share price rose nearly 2 percent in the early trade on July 9 after bank approved to raise the capital.

The bank's board, in its meeting held on July 8, approved raising of funds for an amount aggregating up to Rs 15,000 crore, in one or more tranches.

ICICI Bank to raise the capital by way of issuance of securities, through one or more permissible mode(s) including but not limited to a private placement, preferential issue, qualified institutions placement, follow-on public offering or a combination thereof, subject to shareholders' approval through a postal ballot process and regulatory and other approvals, as may be required under applicable law, it said in the release.

In order to give effect to the above, the board has constituted and authorized issuance committee of the board to, decide the terms and conditions of the proposed fund raise, it added.

At 09:17 hrs ICICI Bank was quoting at Rs 375.00, up Rs 6.10, or 1.65 percent on the BSE.

The share touched its 52-week high Rs 552.40 and 52-week low Rs 269 on 30 December, 2019 and 24 March, 2020, respectively.

Currently, it is trading 32.11 percent below its 52-week high and 39.41 percent above its 52-week low.