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ICICI Bank price band at Rs 885-950

Mumbai, June 16: ICICI Bank today announced a price band of Rs 885-950 per share for its follow-on public offer to mobilise Rs 8,750 crore from the domestic market.

Retail investors will be allotted shares at a discount of Rs 50 per share to the issue price to be determined through a book-building process.

The price band is attractive when compared with the closing price of the ICICI Bank scrip on the stock exchanges on Friday.

The share closed at Rs 908 on the BSE and Rs 908.70 on the NSE. There is a discount of 2.53 per cent at the lower end of the price band.

ICICI Bank is not taking any chances with its follow-on offer, which is hitting the markets after the DLF maiden issue.

It has reserved up to 5 per cent of the issue or Rs 437.5 crore for retail shareholders. Moreover, the minimum bid size is six shares for retail shareholders. Bids should be in multiples of six shares for all bidders.

The bank is also offering two payment options to retail investors. Under the first method, retail bidders are required to pay Rs 250 per share on application, Rs 250 per share on allotment and the rest on a call which is to be issued by the bank within a period of six months from the date of allotment. The discount will be adjusted against the call amount.

Under the second method, retail bidders are required to pay the full bid amount excluding the discount at the time of application.

Non-institutional bidders also have the option to pay Rs 250 on application and the rest on allotment.

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