ICICI Bank Ltd. has raised around 150 billion rupees ($2 billion) in capital by joining a number of Indian lenders that are creating war chests as the coronavirus outbreak threatens to push up bad loans.
The nation’s second-largest bank in private sector placed around 419 million shares with the qualified institutions at 358 rupees apiece, statement on Saturday.
The Sovereign wealth fund under the Government of Singapore increased its stake in ICICI Bank as picked up 11.08 per cent stake from the latest qualified institutional placement of the bank’s shares with an investment of Rs 1,662.71 crore, while a Morgan Stanley investment fund bought about 7.31% and 5.55% picked by Societe Generale SA fund, says Indian lender.
According the data on BSE website, this takes the stake of the Singapore government in the bank to 13.2 per cent. As the quarter ended, it had 2.12 per cent stake in the private lender.
In a regulatory filing the ICCI bank said, that the Government of Singapore was offered over 4.64 crore shares in the qualified institutional placement amounting to 11.08 per cent stake. It emerged as the largest investor in the latest QIP of the bank’s shares.
The Bank already raised about 31 billion rupees by paring stakes in its publicly traded units that include ICICI Prudential Life Insurance Co. and ICICI Lombard General Insurance Co., according to reports of exchange filings.