ICICI Bank's board to mull raising funds on July 8

The board will discuss and consider the proposal of raising funds by "issue of equity shares and/or other equity linked securities, through permissible mode(s) including but not limited to a private placement, preferential issue, qualified institutions placement, further public offer, etc., or any combination thereof", the bank said in a regulatory filing on Sunday.

The board's decision will be subject to shareholders' approval and other regulatory approvals.

The filing noted that while announcing its results for the quarter ended March 31, 2020 on May 9, the bank had stated that it would look at further strengthening the balance sheet as opportunities arise.

Recently, in line with its objective to strengthen the balance sheet, the bank sold some of its stake in the insurance companies ICICI Lombard General Insurance Company and the ICICI Prudential Life Insurance Company.

It sold 3.6 per cent stake in ICICI Lombard General Insurance Company for around Rs 2,250 crore and 1.5 per cent share in ICICI Prudential Life Insurance Company Ltd for Rs 840 crore, it informed last month.