ISSUE NO: 17
ICICI BankBSE -0.40 % will sell
its stake in the IPO, but Prudential
will not dilute any of its holding.
The retail category will be allotted
not less than 5.72 crore shares,
while
the
non-institutional
category will get not less than 2.44
crore. The quota limit for qualified
institutional buyers (QIB) is set at
8.16 crore shares. Out of this, up to
4.9 crore shares will be allotted to
anchor investors and the balance to
anchor investors and the balance to
other QIBs. Bids can be made for a
minimum of 44 shares and in
multiples of the same thereafter.
Since it will be an offer for sale
(OFS), the amount fetched will go
to the existing shareholders. The
issue will close on September 21.
As of March 31, ICICI Bank held a
67.6 per cent stake in the life
insurance firm, while Prudential
Corp Holdings (PCHL) held 25.9
per
cent.
Asian markets across China,
Taiwan and Korea were closed on
Thursday (15th September) due to
publicholidays.
While China and Taiwan bourses
are closed for the day on account
of Mid-Autumn festival, Korean
exchange is shut on account of
11 | P a g e
SEP-OCT
Chusok, the full moon Festival.
The ongoing week will be dull as
far as Asian markets are
concerned.
On Friday, Malaysia markets will
be closed for Malaysia Day.
State Bank of IndiaBSE -0.87 %,
the country's largest lender, raised
$300 million by selling perpetual
bonds overseas, falling short of
target as investors sought higher
interest rates. The offshore
perpetual bonds - the first to be
issued by an Indian bank - are
aimed at shoring up SBI's capital
base and bolstering its lossabsorptioncapacity.
The proceeds were lower than the
initial target size of $500 million
as overseas investors bid for higher
rates, which the bank declined to
oblige after comparing them with
domestic
borrowing
costs.
The securities yielded 5.5% with a
five-year call option that allows the
bank to withdraw the issue after
the stipulated period, two people
with knowledge of the matter told
ET.
"The bond sale has just set a
benchmark as the rate was quite
competitive. The bank chose to