Wednesday, May 16, 2007
ICICI Bank Likely To Offer Retail Shares At A Discount
Mumbai: ICICI Bank is expected to offer its shares at a discount to the retail investors in its impending equity issue, according to the bank in its draft prospectus. This is however subject to approval by the market regulator, Securities and Exchange Board of India (SEBI). The bank, in an attempt to encourage retail participation, has also permitted the existing retail shareholders and retail individual bidders to bid at the cut-off price. The bank is planning to raise Rs 17,500 crore through domestic and American depository shares. It is entitled to retain 15 per cent of the issue under the greenshoe option in case it gets oversubscribed. The total issue size inclusive of the green shoe option will be Rs 20,125 crore, said the bank in its draft prospectus. Goldman Sachs (India) Securities, DSP Merrill Lynch, Enam Financial Consultants, JM Morgan Stanley and Karvy are the book-running lead managers to the issue. Of the total issue, 50 per cent of the net issue is reserved for the qualified institutional buyers, 15 per cent for non-institutional investors, 35 per cent for retail individual bidders and up to 5 per cent for existing shareholders.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment