ICICI Bank QIP closed already with bids of Rs 62,000 crore

ICICI Bank's QIP received bids of nearly Rs 62,000 crore and has been closed already, sources told CNBC-TV18. The bank's Issuance Committee authorised the opening of its proposed Qualified Institutional Placement of shares to raise around Rs 15,000 crore through the QIP.

Under the SEBI formula, the floor price for the proposed issue has been set at Rs 351.36. What this means is that investors looking to bid for ICICI Bank shares in the QIP will have to quote a price equal to or above Rs 351.36.

The decision on the final price and allotment will be decided on August 14.

"A meeting of the issuance committee of Board of Directors of the Bank is scheduled to be held on Friday, August 14, 2020 to, inter alia, consider and determine the issue price for the equity shares to be allotted to qualified institutional buyers, pursuant to the Issue," the bank said in its release.