ICICI Bank inches up on fund raising proposal

ICICI Bank rose 0.26% to Rs 228.15 at 11:28 IST on BSE after the bank said it proposes to raise funds through issue of non-convertible debt securities.

The announcement was made after market hours yesterday, 17 March 2016.

Meanwhile, the S&P BSE Sensex was up 94.82 points or 0.38% at 24,772.19.

On BSE, so far 4.35 lakh shares were traded in the counter as against average daily volume of 18.30 lakh shares in the past one quarter. The stock hit a high of Rs 229.90 and a low of Rs 226.25 so far during the day. The stock had hit a 52-week high of Rs 342 on 19 March 2015. The stock had hit a 52-week low of Rs 180.80 on 26 February 2016. The stock had outperformed the market over the past one month till 17 March 2016, surging 19.32% compared with Sensex's 5.54% rise. The scrip had, however, underperformed the market in past one quarter, sliding 10.08% as against Sensex's 4.37% fall.

The large-bank bank has equity capital of Rs 1162.81 crore. Face value per share is Rs 2.

ICICI Bank said it is evaluating issuance of long term bonds in the nature of debentures on a private placement basis for lending to long term projects in infrastructure and affordable housing. The borrowing proposal will be considered in the meeting of Committee of Executive Directors at any time in next week starting from 21 March 2016, ICICI Bank said.

ICICI Bank's net profit rose 4.5% to Rs 3018.13 crore on 13.1% growth in total income to Rs 17562.95 crore in Q3 December 2015 over Q3 December 2014.

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

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