ICICI Bank likely to raise record $4.9 billion profit

India's largest private sector lender ICICI Bank is considering increasing the size of its record share sale by 15 percent to 4.94 billion dollars, officials said on June 25. ICICI Bank said it raised 175 billion rupees (4.3 billion dollars) through the share sale recently, with an option to raise more funds.
The bank is likely to raise an additional 26.25 billion rupees (642 million dollars) through a 'greenshoe' option, based on demand seen for the sale, it said.
ICICI Bank could raise the amount a month after listing the stock, likely in early July, a banker close to the issue said.
In India, the bank raised close to 2.15 billion dollars through the offer and an equal amount through American Depository Receipts. The Indian offer, which was oversubscribed 11.5 times, was priced at 940 rupees (23.1 dollars) a share while the American Depository share (ADS) portion was priced at 49.25 dollars per ADS, ICICI Bank said on the BSE website on June 25.
"A deal of this size is a sign that India is coming of age in the international capital market," said Hemendra Kothari, chairman of DSP Merrill Lynch, lead managers to the issue. ICICI Bank already has shares listed on the New York Stock Exchange and the Bombay and National bourses in India.
ICICI's shares fell two rupees or 0.21 percent to 951.7 at Monday's (June 25) market close, after having risen 45.75 rupees or five percent in the past week. The bank will use the money to expand international and rural banking and offer more loans to consumers.