ICICI Bank extends gains, stock surges 5% in four days

ICICI Bank extends gains, stock surges 5% in four days

Shares of ICICI Bank extends its gains into fourth straight day, up 2.2 per cent to trade at Rs 388.85 on the BSE on Tuesday after Societe Generale on Monday offloaded shares of the bank worth nearly Rs 341 crore through an open market transaction.

"As per the block deal data on the BSE, 9 million scrips of the private lender were sold by Societe Generale at a price of Rs 378.6 per scrip. The total deal value stood at Rs 340.74 crore, said a PTI report.

With today's gains, the stock of the lender has gained 5.6 per cent in the last four days, as against 2 per cent rise in the S&P BSE Sensex.

Last week, the lender successfully raised Rs 15,000 crore-worth of funds via QIP (Qualified Institutional Placement). Nootably, the People’s Bank of China was among 357 institutional investors which incl­uded domestic mutual funds, insurance firms and global institutions that subscribed to the issue, sources said.

According to sources, the Chinese central bank has picked up shares worth Rs 15 crore in Rs 15,000 crore qualified institutional placement (QIP) issue. At current market capitalisation, the stake of People’s Bank of China in ICICI Bank is about 0.0065 per cent.

As per the shareholding pattern of the bank, shared with the exchanges on August 17, Government of Singapore held 2.77 per cent stake, Abu Dhabi Investment Authority held 1.4 per cent stake, Dodge Cox and International Stock Exchange held 3.62 per cent stake, and Europacific Growth Fund held 1.33 per cent stake.

At 11:03 am, the stock was up 1 per cent at Rs 384 on the BSE, as against 0.02 per cent decline in the benchmark S&P BSE Sensex.