On Sunday, private lender ICICI Bank announced that its board would gather on July 8 to consider raising funds through an equity share sale as it visions to strengthen its balance sheet further.
This is the third-sized private moneylender after Kotak Mahindra Bank and Axis Bank to make such similar declarations. Also, HDFC Bank has stated that it is looking to boost funds through debt instruments.
While the bank did not reveal the amount it is looking to raise, it could raise nearly $3 billion as it is looking to advance, it could raise as much as $3 billion an earlier Bloomberg report had confirmed.
“ICICI Bank had declared that it would look at further reinforcing the balance sheet as possibilities arise and in line with this intent, the Board of Directors will meet on July 8 to discuss and analyze the proposal of boosting funds by issue of equity shares and other equity-linked securities,” a private lender stated in a notice to exchanges.