ICICI Bank on Monday launched its qualified institutional placement (QIP) with a floor price of Rs 351.36 per equity share.
The development comes after the bank had said that it plans to raise up to Rs 15,000 crore by way of issuance of securities, through one or more permissible modes including a private placement, preferential issue, qualified institutional placement and follow-on public offering or through a combination of modes.
"The Issuance Committee of the Board has fixed the 'Relevant Date' for the purpose of the Issue, in terms of Regulation 171 of the SEBI ICDR Regulations, as August 10, 2020 and accordingly the floor price in respect of the aforesaid Issue, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs 351.36 per equity share," the bank said in a regulatory filing on Monday.
The bank also informed the exchanges that the Issuance Committee of Board of Directors of the bank is scheduled to be held on Friday to consider and determine the issue price for the equity shares to be allotted to qualified institutional buyers.
ICICI Bank is among several public and private sector banks which plan to raise capital for business growth and create a buffer to absorb any shocks from economic disruption caused by the ongoing pandemic.
Its shares on the BSE closed at Rs 363.60, higher by Rs 5.75 or 1.61 per cent from its previous close.