ICICI Bank to raise equity

Mumbai: ICICI Bank yesterday announced its plan to raise Rs 3500 crores from the primary market. it planned to issue new equity of about Rs 3,000 crore - Rs 3,500 crore to the Indian public.
The board of directors of the bank has cleared the equity issue and the bank would seek shareholders' permission at an extraordinary general meeting on March 12.

Ms Kalpana Morparia, Executive Director of ICICI Bank, said that the bank needs to strengthen its Tier-I capital to grow faster. Ms Morparia said the shares would be offered only to the Indian public and foreign institutional investors(FII). Foreign ownership in the bank currently stands at 72 per cent, including 45 per cent held by FIIs.

She added that India's current economic environment offers great opportunities for retail lending, infrastructure financing and expansion of the new businesses such as life assurance and general insurance that the bank has already invested in.