ICICI Bank fund raising plans props up share price
DSIJ Intelligence / 08 Dec 2016
RBI, which decided to maintain status quo on interest rates on December 7, triggered a steep fall in banking stocks. The S&P BSE Sensex opened in the green.
RBI, which decided to maintain status quo on interest rates on December 7, triggered a steep fall in banking stocks. The S&P BSE Sensex opened in the green. ICICI Bank, which had closed at Rs 258 on Dec. 7, opened one per cent higher. The stock as on 9.58 a.m. is trading at Rs 259, up by 0.72 per cent. The stock is trading in a positive territory as the bank is planning to raise funds.
In order to fund business expansion, ICICI Bank is planning to raise funds through bonds in the next three months. The board of the bank will meet on December 9 to take a call on fund raising. The bank proposes fund raising in single or multiple tranches in any currency through public or private placement by way of issuance of debt instruments for remaining period of 2016-17.
In the last three months, the ICICI Bank stock has corrected six per cent. Its 52-week high/how stands at Rs 298.20/180.80.
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