ICICI Bank advances after getting approval for fund raising

ICICI Bank rose 1.19% to Rs 309.45 at 9:20 IST on BSE after the bank said that the committee of executive directors of the bank approved the proposal for domestic fund raising.

The announcement was made after market hours yesterday, 8 November 2017.

Meanwhile, the S&P BSE Sensex was up 175.81 points or 0.53% at 33,394.62.

On the BSE, 34,815 shares were traded on the counter so far as against the average daily volumes of 9.74 lakh shares in the past one quarter. The stock had hit a high of Rs 310.60 and a low of Rs 306.05 so far during the day. The stock had hit a 52-week high of Rs 320.30 on 2 November 2017 and a 52-week low of Rs 224.45 on 27 December 2016.

The stock had outperformed the market over the past one month till 8 November 2017, advancing 12.32% compared with the Sensex's 4.41% rise. The stock had, however, underperformed the market over the past one quarter, rising 3.71% as against the Sensex's 3.76% rise. The scrip had also underperformed the market over the past one year, gaining 18.78% as against the Sensex's 20.4% rise.

The large-cap bank has equity capital of Rs 1283.67 crore. Face value per share is Rs 2.

ICICI Bank said that the committee of executive directors of the bank approved the proposal for domestic fund raising by way of issuance of senior unsecured long term bonds/Basel III compliant unsecured subordinated perpetual additional tier 1 bonds in single/multiple tranches on private placement basis.

ICICI Bank's net profit fell 33.7% to Rs 2058.19 crore on 17.6% decline in total income to Rs 18763.29 crore in Q2 September 2017 over Q2 September 2016.

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

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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