ICICI Bank has raised Rs 1,294 crore through its green-shoe option in the local market. The bank had raised Rs 8,750 crore through its local issue and an equal amount through its overseas issuance, too.
The bank was looking at a green-shoe option of Rs 1,312.5 crore. These shares were also meant to be used for stabilisation purposes, to stabilise the shares in the market.
However, the bank has used only around Rs 18.5 crore for stabilising its shares. The bank had earlier priced its local issue at Rs 940. However, for retail shareholders, the bank had given a discount of Rs 50 per share.
The share price of the bank in the past two weeks has fallen much below the issue price. It closed on Tuesday at Rs 877.65. In the overseas market, the bank had priced its ADS at $49.25 or Rs 1,002.5 per share. The ADR price is currently at $43.
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