ICICI Bank shares hit record high after fundraising clarity

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In early morning trading, ICICI Bank’s share price hit a new all-time high of 900.80 per share on the NSE. On Thursday morning, ICICI Bank’s stock price opened higher and set a new all-time high. It came a day after the private lender clarified the news of 10,000 cores raised via infra bonds in one or more tranches.

In its response to the exchanges, ICICI Bank Limited said it has the necessary annual board approvals to issue bonds or securities. He also said that this information had already been shared with exchanges in his previous exchange file.

ICICI Bank told Indian stock exchanges: “ICICI Bank issues bonds as part of its normal business activities as a bank, to fund its lending business.” The bank has the necessary annual approvals from the board of directors, which allow the issuance of bonds/securities for a period of one year from the date of approval, and has duly reported it to the stock exchanges on the date of the assembly.

Depending on market conditions, the Bank may issue securities up to the approved limit at any time. In this respect, the Bank obtains credit ratings, which are communicated by the agencies according to the standard procedure. Any issuance of bonds by the Bank is done through the Electronic Bidding Platform (EBP) provided by the stock exchanges, with investors being notified two days in advance to bid on the bonds. Following this, a trade notification with issue details is sent on the grant date.

The fundraising program was announced by ICICI Bank in its exchange communication dated April 23, 2022 quoting “Fundraising by way of issuances of debt securities, including by way of non-convertible bonds on domestic markets within the overall limit of 250 billion”.

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