ICICI launches Rs 15,000cr issue, IndiGo eyes Rs 4,000 cr
Mumbai: Leading private sector lender ICICI Bank on Monday evening said it was launching a qualified institutional placement (QIP) issue to raise up to Rs 15,000 crore. On the same day, India’s biggest commercial airline operator InterGlobe Aviation (IndiGo) said its board has approved raising Rs 4,000 crore, also through a QIP issue.
According to ICICI Bank’s term sheet, the plan is to raise up to Rs 15,000 crore at a floor price of just over Rs 351 per share, while the indicative price range is Rs 355-358. On Monday, the stock on the BSE closed at nearly Rs 364. At the upper end of the QIP price, there is a discount of 1.5% to the stock’s last closing level.
The final decision on allotment and the total amount of funds to be raised will be taken on August 14, ICICI Bank said. The stocks allotted in the QIP are scheduled to be listed on August 20.
Recently, ICICI Bank had sold nearly 4% of its stake in ICICI Lombard, its non-life insurance arm, and mobilised almost Rs 2,300 crore. HDFC Bank and ICICI Securities are among the merchant bankers to the ICICI Bank offer.
