ICICI Bank Board To Meet On July 8 To Discuss Fund Raising Through Equities
Money & Banking
Amidst continuing economic uncertainty, the board of directors of ICICI Bank will be meeting on July 8 to discuss fund raising proposals.
“A meeting of the board of directors of the bank will be held on Wednesday, July 8, 2020 to discuss and consider the proposal of raising funds by issue of equity shares and or other equity linked securities, through permissible modes including but not limited to a private placement, preferential issue, qualified institutions placement, further public offer or any combination thereof, subject to shareholders’ approval and regulatory and other approvals…,” ICICI Bank said in a regulatory filing on Sunday.
While announcing its fourth quarter results on May 9, ICICI Bank had stated that it would look at further strengthening of the balance sheet as opportunities arise. The bank did not disclose the amount of funds it plans to raise.
The private sector lender has already raised ₹3,090 crore through sale of stake in its life and general insurance subsidiaries last month.
But with the economic slowdown arising out of the Covid-led crisis, most banks have been strengthening their balance sheets by increasing their capital buffer.
The board of Axis Bank has approved a plan to raise ₹15,000 crore through various instruments, while HDFC Bank plans to raise ₹50,000 crore in the next 12 months by issuing various debt securities.
As on March 31, 2020, ICICI Bank had a capital adequacy ratio of 16.11 per cent.
Published on
July 05, 2020
Amidst continuing economic uncertainty, the board of directors of ICICI Bank will be meeting on July 8 to discuss fund raising proposals.
“A meeting of the board of directors of the bank will be held on Wednesday, July 8, 2020 to discuss and consider the proposal of raising funds by issue of equity shares and or other equity linked securities, through permissible modes including but not limited to a private placement, preferential issue, qualified institutions placement, further public offer or any combination thereof, subject to shareholders’ approval and regulatory and other approvals…,” ICICI Bank said in a regulatory filing on Sunday.
While announcing its fourth quarter results on May 9, ICICI Bank had stated that it would look at further strengthening of the balance sheet as opportunities arise. The bank did not disclose the amount of funds it plans to raise.
The private sector lender has already raised ₹3,090 crore through sale of stake in its life and general insurance subsidiaries last month.
But with the economic slowdown arising out of the Covid-led crisis, most banks have been strengthening their balance sheets by increasing their capital buffer.
The board of Axis Bank has approved a plan to raise ₹15,000 crore through various instruments, while HDFC Bank plans to raise ₹50,000 crore in the next 12 months by issuing various debt securities.
As on March 31, 2020, ICICI Bank had a capital adequacy ratio of 16.11 per cent.
Published on
USAA Announces Scholarship For Military Spouses With Valero Alamo Bowl
San Antonio-area military spouses qualify to apply for a $7,500 scholarship. Read more
USAA Ranked #1 In Customer Satisfaction And Most Trusted On 2024 J.D. Power Individual Annuity Study
Nov 01 2024 SAN ANTONIO – USAA, a leading provider of insurance, banking, and retirement... Read more
USAA Calls For National Moment Of Veteran Connection On Veterans Day
On Nov. 11, “Connect with a Veteran” calls for all Americans to “Go Beyond Thanks” to show appreciation for thei... Read more
Two Way Street: New Survey From USAA Shows Driving Apps Help Connect Parents And Young Drivers On Importance Of Safe Driving, Leading To Safer Roads
Data Reveals 87% of App-Using Parents Feel Their Child’s Driving Improved, Citing Increased Awareness and Feedback Read more
USAA Named UTSA Athletics Official Military Appreciation Partner
Exciting new initiatives planned as part of partnership Read more
USAA And Its Members Donate Nearly $3 Million To Aid In Recovery From Hurricanes Helene And Milton
USAA members have donated nearly $1.4 million; USAA adds $500,000 to initial $1 million and offers guidance on assisting... Read more