ICICI Bank gains on fund raising plan

Shares of ICICI Bank have surged 2% to Rs 248 on the BSE after the private lender decided to raise Rs 25,000 crore in tranches via private placement of bonds, debentures and securities, including bonds and non-convertible debentures (NCDs).

During the AGM, the bank will seek approval from shareholders to raise up to Rs 25,000 crore. The capital will be raised over a span of one year from the date of passing of the resolution.

ICICI Bank said it has borrowed Rs 6,500 crore by way of issue of non-convertible debentures on private placement basis since the last AGM till May 13, 2016.

The stock opened at Rs 244 and touched a high of Rs 250 on the BSE. A total of 315,225 shares changed hands on the BSE.

ICICI Bank