ICICI Bank likely to opt for fund raising in the upcoming board meeting

Private lender ICICI Bank will be considering a fund raising plan in its upcoming board meeting, mentioned the bank in an exchange filling.

ICICI Bank

ICICI Bank’s board is scheduled to meet on 09 May where the lender is also likely to disclose its FY20 results, apart from discussing a fund raise.

In its exchange filing, the lender said that it would consider a fund raise by the way of issuing debt securities comprising of non-convertible debentures/bonds/notes/offshore Certificate of Deposits in single/multiple tranches in any currency through public/private placement.

Several public and private sector Indian banks have so far indicated their intention of raising funds. Axis Bank, Bank of Baroda and Kotak Mahindra Bank have already received their board’s approval to raise Rs 30K crore, Rs 13.5K crore and Rs 7000 crore respectively. Similarly, HDFC Bank is also planning to raise Rs 8000 crores, according to a report by Mint.

Other banks are seeking final approvals from their boards such as Yes Bank, IDFC First Bank, AU Small Finance Bank as provisions increased amidst the COVID-19 pandemic.

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