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ICICI Bank prices issue at Rs 525

Our Bureau

Mumbai , Dec. 7

ICICI Bank fixed the price of its domestic issue at Rs 525 per share. It also fixed its American depository shares (ADS) at $26.75, which is approximately Rs 618 per share, said a press release from the bank.

The bank fixed a price band of Rs 505-545 for the domestic issue of Rs 5,750 crore, which includes a greenshoe option of Rs 750 crore.

The ADS issue is of Rs 2,300 crore and each ADS represents two equity shares of ICICI Bank.

The whole issue was oversubscribed seven times. The bank received bids worth Rs 36,000 crore. Of these, Rs 26,000 crore came from foreign institutional investors. Qualified institutional buyers put in bids worth Rs 8,000 crore, of which Rs 3,000 crore came from mutual funds. Retail investors bid for Rs 1,000 crore and Rs 1,000 crore was from high networth individuals. ICICI Bank had offered retail investors 5 per cent discount to the issue price and this works out to Rs 498.75.

The shares of the bank closed at Rs 542.75 on the Bombay Stock Exchange, up 2.42 per cent.

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