ICICI Bank to raise US$5 billion

The Board of Directors of ICICI Bank (NYSE: IBN) at its meeting at Mumbai today approved the raising of additional equity capital by the Bank by way of a public issue of shares in India and an issue of American Depositary Shares (ADSs) in the United States, subject to applicable regulations and necessary approvals. The capital raising is expected to be around Rs. 20,000 crore (approximately US$ 5.0 billion). The approval of the shareholders will be sought by postal ballot.

Source : Equity Bulls

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