ICICI Bank To Mop Up Rs 20,000Cr Wia Sale Of Equity Shares

ICICI Bank has decided to mobilize Rs 20,000 crore from sale of equity shares in the domestic and also American Depository Receipts issue in June 2007. The follow-on offer would include the country''s largest public issue of about Rs 15,000 crore. The bank would also consider exercising a greenshoe option, which could almost the bank''s net worth from Rs 24,313 crore as on March 31, 2007. The domestic and overseas issues would dilute paid up equity by about 20 per cent, based on the bank''s shares of on the Bombay Stock Exchange. The bank expects the capital proposed to be raised to support credit growth for the next three years. This is third capital raising by the bank since the erstwhile development finance institutions, ICICI, merged with ICICI Bank. In October 2005, the bank had raised over Rs 8,000 crore through a combination of domestic and American Depository Receipts (ADRs) issues. The total foreign holding in the bank currently is 72%, 2% less than the ceiling of 74%.