ICICI Bank share price gains 2% on raising Rs 15,000 crore capital via share sale

ICICI Bank share price were trading almost 2% higher on Thursday's early session after the lender's board approved a capital raising plan via share sale of up to Rs 15,000 crore to cushion their balance sheet.

Following the update, ICICI Bank shares climbed 1.93% to the intraday high of Rs 376.05 as against the earlier closing of Rs 365.35 on BSE. The stock opened at Rs 373.80 and touched an intraday low of Rs 365.35.

ICICI Bank stock price has gained 1.83% in one week and nearly 6% in one month. The total market capitalisation of the large-cap stock stood at Rs 2,39,192.77 crore as of today's session.ICICI Bank shares trade higher than 5, 20 and 50-day moving averages but lower than 100 and 200-day moving averages.

ICICI Bank had earlier stated in an exchange filing on Sunday that it would look at further strengthening the balance sheet.

The lender said will raise funds through various options including private placements, preferential issue, qualified institutional placement (QIP) and further public offer.

The private lender has returned to raising equity capital since 2007, on the back of the Covid-19 crisis, adding to the stress on banking balance sheets.

Many banks had been taking capital raising routes. Earlier on June 22, ICICI Bank had sold 1.5% stake in ICICI Prudential Life Insurance Company on the stock exchange for Rs 840 crore.

Meanwhile, apex regulator Reserve Bank of India (RBI) has allowed a total of six months of moratorium on loan EMIs (equated monthly instalment) starting from March 1, 2020, to August 31, 2020, to help borrowers through the difficult situation caused by the Covid-19 pandemic.

Yes Bank share price gains over 5% on Rs 15,000 crore FPO plan; SBI to invest Rs 1,760 crore

Oil prices range bound today as COVID-19 fears offset gasoline recovery signs