ICICI To Seek Shareholders Approval For Issuing Shares

MUMBAI: Country''s largest private lender ICICI bank on May 8, said it will seek shareholders clearance for issuing shares of up to 25 per cent stake in the bank. It will also seek shareholder''s approval for decreasing the authorised share capital to Rs 1,775 crore from Rs 1,900 crore. The bank said the authorised capital will be changed to Rs 1775 crore, divided into 127.50 crore equity shares of Rs 10 each, 150 lakh preference shares of Rs 100 each and 350 preference shares of Rs one crore each. The bank has named N L Bhatia, practicing company secretary, as scrutiniser for conducting the postal ballot and the forms duly completed should reach him on or before June 7.