ICICI Bank is looking to raise around Rs 20,000 crore by selling six-to-seven percent stake to institutional investors and has approached at least 10 investment banks for the same, reports Mint.The country’s largest private-sector lender plans to complete the entire raise in a single tranche and may soon issue formal mandates to some of the investment banks it approached, sources told the paper.The move, which would be the largest such capital raise in India, is aimed at subverting liquidity squeeze created in the sector after the IL&FS debacle and subsequent busts.Close The qualified institutional placement (QIP) way was zeroed in on after the bank dropped plans to issue American depositary receipts (ADRs), the source said. related news Dilip Buildcon bags Rs 2,123cr order from Coal India arm Congress gives notice of adjournment motion in Lok Sabha over withdrawal of SPG cover of Gandhis Jet Airways insolvency: Will lenders give another extension to Synergy? Moneycontrol could not independently verify the report.This is also being seen as an opportunity for banks to gain back market share from non-banking financial institutions (NBFCs) in the infrastructure sector, the report said.”If the bank is able to raise this money, they should use the opportunity to do so and use… Read full this story
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