Singapore central bank picks up 11% of ICICI Bank’s Rs 15,000 crore QIP

MUMBAI: Singapore’s central bank, the Monetary Authority of Singapore has emerged the biggest buyers in ICICI Bank’s certified institutional placement of shares choosing up 4.6 crore shares for Rs 1,662 crore, which is over 11% of the difficulty dimension. The second-largest investor is Morgan Stanley Investment Management with a Rs 1,086 crore funding adopted by French bank Societe Generale which has bought 2.3 crore shares for Rs 832 crore.
On Saturday, ICICI Bank introduced that it has efficiently raised Rs 15,000 crore by issuing fairness on the fee of Rs 358 per share beneath a professional institutional placement. The situation worth was mounted at Rs 358 per fairness share, which is at a premium of Rs 356 per unit. The bank’s board, which met on Saturday, accepted the allotment of shares. The situation opened on August 10, 2020, and closed on August 14, 2020.
“The proceeds of the issue will be used towards strengthening the capital adequacy ratio of the bank and improve its competitive positioning and/ or general corporate requirements or any other purposes as may be permissible under the applicable law and approved by the board,” the bank mentioned in a press release.
The authorities of Singapore by means of its funding arm GIC and the Monetary Authority of Singapore each have been massive buyers within the Indian capital markets. In November, the Singapore authorities and its financial authority had invested over Rs 900 crore in Zee Entertainment Limited.
Indian lenders have been taking benefit of the ample liquidity in capital markets to situation fairness and lift confidence capital to make up for any losses that may happen as a result of of stress amongst debtors because of the Covid-19 financial disaster. So far, Indian personal lenders have raised over Rs 50,000 crore.

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