ICICI Bank [Get Quote] on Saturday priced its Rs 10,062 crore (Rs 100.62 billion) follow-on equity offer at Rs 940 a share.

It priced its American depositary share offering of $2.14 billion at $49.25 per ADS, translating into a price of about Rs 1,002.5 per equity share and representing a premium of about 6.6 per cent over the domestic issue price.

Each ADS represents two equity shares of the bank. The ADS offering has a greenshoe option of $0.32 billion. ICICI Bank shares yesterday closed at Rs 953.75, up 0.43 per cent, on the Bombay Stock Exchange.

ICICI Bank had received revised offers from a string of institutional investors, including Life Insurance Corporation of India, State Bank of India [Get Quote] and Warburg Pincus, which helped the bank price the issue near the top end of the price band of Rs 885-950 a share. The institutional investors put in revised bids at prices ranging from Rs 940-950 a share, against their initial bids of Rs 900-920.