ICICI Bank plans to raise Rs 8750cr

Mumbai: Disinvesting off the value embedded in its subsidiaries, ICICI Bank is available at least 40 per cent cheaper than its closest private rival HDFC Bank. With a market-capitalisation of Rs 81,000 crore, the highest among listed banks, ICICI Bank is planning to mop up Rs 8750 crore with an option to accept an additional Rs 1300 crore in the domestic market. Simultaneously, the bank will also mop up a similar amount in the international market via issue of American Depository Shares (ADS) taking the total money garnered to nearly a quarter of its current market value. ICICI Bank appears to be a long term story with an aggressive growth strategy that would now concentrate on the country''s poor on the one end and overseas operations on the other, apart from the traditional segments like urban retail and corporate banking.