ICICI Bank [Get Quote], the country's biggest private lender, on Tuesday received bids for over 27 crore (270 million) shares, nearly three times the shares on offer in its follow-on public issue, generating a demand of Rs 23,975 crore (Rs 239.75 billion).
The issue was oversubscribed 2.74 times and received a majority of bids within a price range of Rs 885-910. More than 170,000 bids were at the cut-off price, data available on the National Stock Exchange show.
Shares of ICICI Bank closed at Rs 945.15, up nearly 3 per cent on NSE.
The FPO is part of the Bank's plan to mop up Rs 20,125 crore (Rs 201.25 billion) from domestic and international markets, including a green shoe option of 15 per cent. Of this, the Bank planned to raised Rs 8,750 crore (Rs 87.50 billion) from the domestic market, with a greenshoe option to retain an additional over Rs 1,300 crore (Rs 13 billion).
The bank had earlier fixed the price band for the issue at Rs 885-950 a share, but retail investors were given a discount of Rs 50.
Goldman Sachs (India) Securities, DSP Merrill Lynch, Enam Financial Consultants and JM Financial [Get Quote] Consultants are the book leading managers to the issue, which closes on June 22.
ICICI Bank has said 5 per cent of the issue (Rs 437.5 crore -- or Rs 4.375 billion) would be reserved for existing investors holding shares worth Rs 100,000 as on June 13 - the record date for the issue.
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