ICICI Bank, IndusInd Bank in Focus on Fund-Raising Plans

Shares of ICICI Bank and IndusInd Bank rose on Wednesday on plans to raise funds. ICICI Bank, India's biggest private sector lender, plans to raise Rs 50,000 crore through non-convertible debenture and other securities through private placement.

ICICI Bank would be seeking shareholders' nod for fund-raising at its annual general meeting. Shares of ICICI Bank rose over 1.6 per cent to Rs 297.35 at its day's high.

Shares of another private sector lender IndusInd Bank were also in focus with reports saying that it plans to raise Rs 4800 crore via equity share sale through the qualified institutional placement (QIP) route. In 2012, IndusInd Bank had raised Rs 2000 crore via share sale. Shares of IndusInd Bank rose as much as 2 per cent to 821.70 in early trade.

As of 11:37 a.m., shares of ICICI Bank were down 1.2 per cent while IndusInd Bank fell 1.6 per cent as compared to a nearly 1 per cent decline in Sensex.