ICICI Bank extends gains on approval for fund raising

ICICI Bank rose 0.38% to Rs 292.20 at 9:40 IST on BSE after the bank said that committee of executive directors approved the proposal for fund raising by way of issuance of Basel III compliant bonds.

The announcement was made after market hours yesterday, 12 September 2017.

Meanwhile, the S&P BSE Sensex was up 78.59 points, or 0.24%, to 32,237.25.

On the BSE, 54,550 shares were traded in the counter so far, compared with average daily volume of 11.93 lakh shares in the past one quarter. The stock had hit a high of Rs 292.95 and a low of Rs 291.30 so far during the day. The stock had hit a 52-week low of Rs 314.50 on 27 July 2017. The stock had hit a 52-week high of Rs 217.41 on 13 October 2016.

The stock had underperformed the market over the past one month till 12 September 2017, gaining 1.39% compared with the Sensex's 3.03% gains. The stock had also underperformed the market over the past one quarter, rising 1.41% as against the Sensex's 3.42% rise. The scrip had, however, outperformed the market over the past one year, gaining 19.15% as against the Sensex's 13.42% rise.

The large-cap private sector bank has equity capital of Rs 1283.17 crore. Face value per share is Rs 2.

ICICI Bank said that the committee of executive directors of the bank at a meeting held yesterday, 12 September 2017 approved the proposal for fund raising by way of issuance of Basel III compliant unsecured subordinated perpetual additional tier 1 bonds.

ICICI Bank's net profit fell 8.2% to Rs 2049 crore on 0.5% growth in total income to Rs 16847.04 crore in Q1 June 2017 over Q1 June 2016.

ICICI Bank is one of the leading private sector banks in India.

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