ICICI QIP | Singapore central bank largest investor, nets 11% of Rs 15,000 crore issue

The Monetary Authority of Singapore, Morgan Stanley Investment Management and French bank Societe Generale were the top three investors

The Monetary Authority of Singapore - the city-state’s central bank - is the largest investor in ICICI Bank’s qualified institutional placement (QIP) issue, which concluded on August 15.

The Monetary Authority of Singapore picked up 4.6 crore shares for Rs 1,662 crore – more than 11 percent of the Rs 15,000 crore QIP issue, The Times of India reported.

The second-largest investor is Morgan Stanley Investment Management, which put in Rs 1,086 crore and French bank Societe Generale which invested Rs 832 crore (2.3 crore shares), it added.

ICICI Bank on August 15 said it had completed the allotment of equity shares through QIP, and raised close to Rs 15,000 crore (~$2 billion). The private lender issued 418,994,413 equity shares at an issue price of Rs 358 apiece, the bank informed the exchanges.

“The proceeds of the issue will be used towards strengthening the capital adequacy ratio of the bank, improving the bank’s competitive positioning and/or general corporate requirements or any other purposes as may be permissible under the applicable law and approved by the Board of Directors of the bank or its duly constituted committee,” the statement read.

This is not an uncommon move from Singapore, which through its central bank and investment arm GIC has gone big on the Indian capital markets and last invested Rs 900 crore in Zee Entertainment (ZEEL).

Indian private lenders have so far raised over Rs 50,000 crore through equity issues amid the COVID-19 pandemic.

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