Friday, Mar 26, 2004
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MUMBAI, MARCH 25. The Securities and Exchange Board of India has turned down ICICI Bank's proposal to reserve 10 per cent of its equity issue aggregating up to Rs. 3,500 crores for existing retail investors of the banking entity. "The proposal is not in keeping with the existing guidelines of a public offer and hence the capital market regulator has rejected the bank's plan to offer 10 per cent of the equity issue to its retail shareholders," SEBI sources said here today. The retail investors specified by the bank were those holding less than 1,000 shares. The shareholders had approved the equity issue at the March 12 extraordinary general meeting held at Vadodara. The scrip of the bank on the Bombay Stock Exchange fell by Rs. 7.85 to Rs. 269.65 on Thursday.
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