ICICI Bank gains on fund raising plans

Shares of ICICI Bank are trading higher by over 1% to Rs 296 on the BSE after the company decided raising Rs 50,000 crore through private placement of securities including bonds and non-convertible debentures (NCDs).

The bank has assessed its fund requirements and it is proposed that the borrowing limits… by way of securities including but not limited to bonds and NCDs be fixed at Rs 50,000 crore, a reduction from the limit of Rs 1,00,000 crore approved at the last Annual General Meeting (AGM), said the bank in the AGM notice sent to the exchanges.

The bank will seek the approval by the shareholders for its fund-raising plans at the AGM, which is due to b held on June 29.

Recently, ICICI Bank announced the appointment of M K Sharma, a former vice chairman of Hindustan Unilever Limited, as the non-executive chairman for a span of five years, in place of K V Kamath.

Meanwhile, the Reserve Bank of India (RBI) gave a nod to the banks to take control of debt-laden companies by existing debt into equity, if a debt restructuring fails to revive them within a timeframe.

The stock opened at Rs 296, touched a high of Rs 298 on the BSE.

ICICI Bank