ICICI Bank board to consider proposal to raise capital on Wednesday

ICICI Bank's board will meet on Wednesday to discuss a proposal to raise funds by issuing equity shares to strengthen its financial position. While announcing its earnings for the fourth quarter and fiscal ended March 2020, ICICI Bank had said it will look at further strengthening the balance sheet as opportunities arise. "A meeting of the Board of Directors of the bank will be held on Wednesday, July 8, 2020 to discuss and consider the proposal of raising funds by issue of equity shares and/or other equity linked securities," it said in a regulatory filing on Sunday. The issuance of shares will be inclusive of but not limited to a private placement, preferential issue, qualified institutions placement, further public offer or any combination thereof, it said. The private sector lender said the fund raise proposal is subject to shareholders' approval as well as regulatory and other approvals, as may be required. The notification, however, did not spell out any targeted amount on

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