ICICI Bank board meet on July 8 to consider fundraising

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Published: July 6, 2020 12:50 AM

ICICI Bank on June 22 sold 1.5% stake in ICICI Prudential Life Insurance Company on the stock exchange for Rs 840 crore.

ICICI Bank on June 22 sold 1.5% stake in ICICI Prudential Life Insurance Company on the stock exchange for Rs 840 crore.

Private lender ICICI Bank will hold a board meeting on July 8 to consider a fundraising proposal. The lender will choose from among various options including the issue of equity shares and other equity-linked securities. Bloomberg had reported earlier that ICICI Bank is considering raising as much as $3 billion in a share sale.

ICICI Bank had earlier said that the lender would look at further strengthening the balance sheet as opportunities arise.“We are conscious of the importance of balance sheet resilience in a highly uncertain scenario. Our current capital position is strong. We would continue to assess this and look at further strengthening the balance sheet as opportunities arise,” ICICI Bank MD & CEO Sandeep Bakhshi had told analysts on May 9.

ICICI Bank on June 22 sold 1.5% stake in ICICI Prudential Life Insurance Company on the stock exchange for Rs 840 crore. Many banks had been taking capital raising route to cushion their balance sheet.

Private sector lender Axis Bank on Thursday announced that it has received board approval for raising funds up to Rs 15,000 crore though issuance of various securities. Similarly, Yes Bank’s board had approved raising funds upto Rs 15,000 crore. Earlier, Kotak Mahindra Bank had raised Rs 7,442.5 crore through a qualified institutional placement.

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