GIC Invests in ICICI Bank Equity Raise
Posted on 08/16/2020
The COVID-19 pandemic has pushed Indian lenders to raise equity. Indian giant ICICI Bank Ltd. has raised Rs 15,000 crore (US$ 2 billion) in capital. ICICI Bank placed 418,994,413 equity shares with qualified institutions at 358 rupees per share. The issue closed on August 14, 2020. Singapore’s GIC Private Limited scooped up 11.08% of the capital placement – Rs 1,662 crore, while a Morgan Stanley investment fund (Morgan Stanley Investment Management) bought 7.31% – Rs 1,086 crore and a Societe Generale SA fund grabbed 5.55% – Rs 832 crore.
