Financial Daily from THE HINDU group of publications
Thursday, Oct 06, 2005
Financial Daily from THE HINDU group of publications Thursday, Oct 06, 2005 |
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Private Banks Money & Banking - Public Offer ICICI Bank, South Indian Bank to issue fresh equity Our Bureau
Mumbai , Oct. 5 TWO banks on Wednesday announced plans for fresh issue of equity shares to raise funds to enhance their capital base. ICICI Bank Ltd, the second biggest bank in the country, announced that its board would meet on October 13 to consider fresh issue of equity shares. Similarly, the South Indian Bank board, which met today, decided to enter the capital market to raise equity capital. According to banking analysts, more banks are expected to go in for public issues in the near future. Earlier, some public sector banks such as Bank of India and Union Bank of India also said they would enter the capital market soon. ICICI Bank did not reveal details such as the size of the issue and the timing. Its board would also consider the first half results at the same board meeting on October 13. The last time ICICI bank entered the domestic equity market was in April 2004, when it raised Rs 3,246 crore at Rs 280 per share. South Indian Bank has informed the BSE that its board at the meeting held on October 4, decided to constitute a Committee of the Board to take a concrete decision to go for a further issue of shares to augment capital. The shares of both ICICI Bank and South Indian Bank closed lower on the bourses on Wednesday in line with the general trend in the stock market. On the Bombay Stock Exchange, ICICI Bank closed at Rs 561.35, down by 4.77 per cent and South Indian Bank closed at Rs 75.85, down by 3.38 per cent.
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