ICICI Bank plans to raise Rs 25,000 crore

During the AGM, the bank will seek shareholders nod to raise up to Rs 25,000 crore. The capital will be raised over a period of one year from the date of passing of the resolution.

By PTI  
Tuesday, June 7, 2016

ICICI Bank on Monday said it plans to raise Rs 25,000 crore in tranches by way of various instruments including bonds.

In a regulator filing, the banks informed its Annual General Meeting will be held on July 11.

During the AGM, the bank will seek shareholders nod to raise up to Rs 25,000 crore. The capital will be raised over a period of one year from the date of passing of the resolution.

ICICI Bank further said it plans to raise the money by way of issue of non-convertible securities including but not limited to bonds and non-convertible debentures in one or more tranches.

The bank at its previous AGM on June 29, 2015 had approved a limit of Rs 50,000 crore for borrowings through various securities including bonds and non-convertible debentures on private placement basis.

ICICI Bank said it has borrowed Rs 6,500 crore by way of issue of non-convertible debentures on private placement basis since the last AGM till May 13, 2016.

"Considering the same, the Bank has assessed its fund requirements and it is proposed that the borrowing limits by way of non-convertible securities including but not limited to bonds and NCDs be reduced for the current year and fixed at Rs 25,000 crore", it added.

Additionally, the bank said the dividend for previous fiscal 2015-16 of Rs 5 per equity share if declared at the Meeting, will be paid on and from July 12, 2016.

ICICI Bank stock closed 0.12 per cent lower at Rs 243.35 apiece on BSE.

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