ICICI Bank issue oversubscribed twice
By Our Banking Bureau | 03 Apr 2004
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Mumbai: The ICICI Bank public offer has been oversubscribed by a little over two times on the first day. According to the BSE, the issue, with a total size of over 11.96 crore shares, has received cumulative bids of over 13.10 crore shares, with the maximum number of bids coming at Rs 280.
Life Insurance Corporation, which already holds 7.8 stake in ICICI Bank, is said to have bid for 10 per cent of the issue at Rs 280.
Maximum bids of 3.11 crore came in at Rs 280, with the second-largest number of bids of 3.04 crore coming in at Rs 255, the lower end of the price band. The price band of the book building issue had been fixed between Rs 255 and Rs 295.
The public issue closes on April 7, 2004.
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