ICICI Bank Share Price Rises 3% Ahead Of Board Meeting On Fundraising Plans
The bank may issue domestic and offshore debt securities and also weigh buyback of existing bonds.
(Photo source: Vijay Sartape/NDTV Profit)
ICICI Bank Ltd. stock was up as much as 3% on Tuesday after the private sector lender said its board will consider a fundraise via debt instruments at its upcoming meeting on Saturday, April 19.
In an exchange filing on Friday, the bank said the instruments may include non-convertible debentures through private placement in the domestic market, as well as bonds, notes or offshore certificates of deposit abroad. It will also evaluate a potential buyback of debt securities within permissible limits.
At the same meeting, the board will also review the audited financial results for the March quarter and financial year 2024–25 and may recommend a final dividend.
The bank had earlier announced that its trading window for insiders will remain shut from April 1 to April 21.
ICICI Bank Share Price Today
ICICI Bank stock rose as much as 3% during the day to Rs 1,351 apiece on the NSE. It was trading 2.34% higher at Rs 1,342.3 apiece, compared to a 2.12% and 2.32% advance in the benchmark Nifty 50 and Nifty Bank as of 10:28 a.m.
It has risen 24.48% in the last 12 months and 4.73% on a year-to-date basis. The total traded volume so far in the day stood at two times its 30-day average. The relative strength index was at 61.58.
Forty-nine out of the 52 analysts tracking the bank have a 'buy' rating on its stock, three recommend a 'hold' and none suggest a 'sell', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 1517.59, implying an upside of 12.8%.
