ICICI Bank lists new shares; dips two pc

MUMBAI: Country's largest private lender ICICI Bank listed 5.81 crore fresh equity shares on the bourses on Friday, through which it raised over Rs 5,400 crore in a follow-on public offer.

The scrip fell 2.37 per cent to end at Rs 981.55 on the Bombay Stock Exchange, while ICICI Bank's market capitalisation declined by about Rs 1,785 crore to Rs 88,634.95 crore.

Consequently, it fell to ninth position in terms of market capitalisation after realty major DLF grabbed the eighth rank at Rs 96,878.33 crore after its listing on the bourses on Thursday.

On Thursday, ICICI's market cap was Rs 90,420.02 crore. ICICI Bank FPO was priced at Rs 940 per share and had raised over Rs 5,400 crore through its 5.81-crore-share issue.

The public offer at the price band of Rs 885-950 per share got subscribed 11.50 times. It closed on June 22.

The Bank on Friday said its board has approved the allotment of shares to applicants for its FPO. It also approved allotment of equity shares underlying the American Depositary Share (ADS) issue, to be undertaken simultaneously with the FPO by the bank, it said.
   
The bank's ADS offering of 2.14 billion dollars has been priced at 49.25 dollar per ADS, which amounts to Rs 1,002.5 per equity share. It represents a premium of 6.6 per cent over the domestic issue price.

The ADS offering, which represents two equity shares of the bank, has a green shoe option of 0.32 billion dollars.