ICICI Bank, India’s largest private sector bank by assets, plans to raise fresh capital by selling shares worth around Rs30bn ($665m) at current market prices. The equity will be sold in the local stock market and the price will be fixed in a bid-auction slated for mid-April.
ICICI CEO and Managing Director K V Kamath says: “The growth potential in the Indian economy over the next three to four years is strong, and the new capital will anchor the next phase of the bank’s growth.