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FIs pick up ICICI shares worth Rs 5 bn under preferential allotment

Domestic institutional shareholders in the Industrial Credit and Investment Corporation of India Limited have picked up Rs 5 billion worth of shares under a preferential allotment as part of ICICI's Rs 21.65 billion equity issue.

ICICI had planned to raise Rs 8 billion from the domestic capital market.

The domestic institutions -- the Life Insurance Corporation of India, General Insurance Corporation and Unit Trust of India -- and their subsidiaries picked up the shares at Rs 73.

The balance amount of Rs 2.75 billion with a right to retain over-subscription upto 10 per cent is being raised by way of public equity issue which opened for subscription today. The issue closes on September 14.

Meanwhile, ICICI Limited has sold 337,205 equity shares of Shadilal Enterprises amounting to 8.74 per cent of the company's paid-up capital to the company under a buyback at a price of Rs 40 per share.

UNI

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