Business Desk, Tech for FTCP, New Delhi
Updated Tue, 18 Aug 2020 06:10 PM IST
China's central bank bought stake in ICICI Bank
– Photo: Social Media
Listen to the news
People's Bank of China Mutual Fund is among 357 institutional investors including insurance companies that have recently invested Rs 15,000 crore in ICICI Bank's Qualified Institutional Placement (QIP) offer.
How much did Chinese bank invest?
As per Business Today report, the central bank of China has invested Rs 15 crore. This investment was made through QIP. However, according to experts, this does not pose any threat to the national interest. This is because Indian banking is highly regulated, ie a business under the strict supervision of the Reserve Bank of India (RBI).
ICICI Bank met its target last week
Actually ICICI Bank tried to raise money from institutional investors to raise capital. The bank's target was reached only last week. ICICI Bank on Saturday said that it has completed the allocation of equity shares under its QIP and has raised about Rs 15,000 crore. This amount will be used to support business growth and regulatory capital requirements.
The bank had said in a statement that under QIP, 41.89 crore shares have been allocated to investors at an issue price of Rs 358 per share. The bank had initially set a minimum price of Rs 351.36 per share for its QIP. The issue opened on 10 August and closed on 14 August.
Singapore Monetary Authority took 4.6 crore shares
During the sale of shares, the Singapore Monetary Authority took 4.6 crore shares, which was 11.06 per cent of the QIP issue size. Apart from this, other major investors include Morgan Stanley Investment Funds Global Opportunity Fund and Societe Generale-ODI. Apart from this it also saw significant participation of foreign portfolio investors, domestic mutual funds and insurance companies.