October 19, 2020

ICICI financial institution raises $2 billion through institutional placement – enterprise information

ICICI Financial institution Ltd. has raised 150 billion rupees ($2 billion) in capital, becoming a member of plenty of Indian lenders which are creating battle chests because the coronavirus pandemic threatens to push up dangerous loans.

The nation’s second-largest private-sector financial institution positioned nearly 419 million shares with certified establishments at 358 rupees apiece, it stated in a press release on Saturday. The problem opened on Aug. 10 and closed on Aug. 14.

The Singapore authorities’s sovereign wealth fund picked up 11.08% of the location, whereas a Morgan Stanley funding fund purchased 7.31% and a Societe Generale SA fund took 5.55%, the Indian lender stated.

ICICI Financial institution had already raised about 31 billion rupees by paring stakes in its publicly traded items, together with ICICI Prudential Life Insurance coverage Co. and ICICI Lombard Common Insurance coverage Co., in keeping with change filings.