ICICI to raise 25000 crores

The second largest bank in India in terms of assets and third in terms of market capitalisation, which is Industrial Credit and  Investment Corporation of India commonly known as ICICI, is planning to raise  capital as much as Rs 25000 crores. The bank in its next AGM, which is likely to be held on July 11, will  place the plan in front of its shareholders and take the final nod to go forward.

The capital will be raised over a period of one year from the date of passing of the resolution. The money will be raised in tranches by way of various instruments including bonds

The bank in its previous AGM which was held on June 29, 2015 had approved a limit of Rs 50,000 crores for borrowings through various securities including bonds and non-convertible debentures on a private placement basis. ICICI Bank had borrowed Rs 6,500 crore by way of issue of non-convertible debentures on a private placement basis since the last AGM which was held on May 13, 2016.

ICICI Bank is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra, with its registered office in Vadodara. The bank has subsidiaries in the United Kingdom and Canada, with branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar, Oman, Dubai International Finance Centre, China and South Africa, and representative offices in United Arab Emirates, Bangladesh, Malaysia and Indonesia.

The stock on Tuesday has opened in the positive. The stocks on the bourses are trading at Rs 247.40, up by 1.66 per cent. The banking stocks are majorly in focus, as the markets are poised for the RBI bi-monthly meet and its outcome thereafter.