ICICI Bank, on Saturday, announced a price band of Rs 885 to Rs 950 for its upcoming domestic public offer to mop up Rs 8,750 crore.
This is part of the combined offer, wherein India’s largest private sector bank would issue American Depository Receipts to raise an identical amount after getting necessary clearances.
The bank has an option of retaining an additional 15 per cent bids both from the domestic and international market — a move that could take the total mop up to Rs 20,125 crore.
The minimum bid size will be six equity shares for retail bidders and existing retail shareholders. Bids should be in multiples of six equity shares for all bidders, ICICI Bank said in a release. The lower end of the price band is at a discount of 2.5 per cent to yesterday’s closing price of the Bank of Rs 908 on the Bombay Stock Exchange. The upper end of Rs 950, however, is at a premium of 4.6 per cent of yesterday’s closing price.