The challenge value represents a 1.9 per cent premium to the flooring value decided based mostly on the pricing system as prescribed underneath Regulation 176(1) of the SEBI ICDR rules and a reduction of 1.5 per cent to the closing value of financial institution’s equity shares on BSE and NSE previous to the launch of challenge.
“The equity issuance witnessed healthy participation from the global and domestic investor community, including foreign portfolio investors, domestic mutual funds and insurance companies,” mentioned ICICI Bank in a press release.
According to regulatory filings, the names of allotees are Monetary Authority of Singapore (11.08 per cent), Morgan Stanley Investment Management Inc (7.31 per cent) and Societe Generale (5.55 per cent).
“The proceeds of the difficulty shall be used in the direction of strengthening the financial institution’s capital adequacy ratio, enhancing its aggressive positioning and or basic company necessities or another functions as could also be permissible underneath the relevant legislation and authorised by the board of administrators or its duly constituted committee.”
The non-public sector lender mentioned it’s well-positioned to serve the market and profit from the alternatives that may come up going ahead.
“In these extraordinary occasions of coronavirus pandemic, the financial institution will proceed to attempt to serve its clients and in addition emerge stronger as an establishment,” it mentioned.