MUMBAI: In the run up to the largest ever share sale by an Indian entity at home and abroad, ICICI Bank on Saturday announced a price band of Rs. 885 to Rs. 950 for its upcoming domestic public offer to mop up Rs 8,750 crore.

This is part of the combined offer, wherein India's largest private sector bank would issue American Depository Receipts to raise an identical amount after getting necessary clearances.

The bank has an option of retaining an additional 15 per cent bids both from the domestic and international market. The domestic follow-on public offer opens on June 19, less than a week after real estate player DLF Ltd unveiled India's largest maiden public issue to raise Rs. 9,187 crore.

The minimum bid size will be six equity shares for retail bidders and existing retail shareholders. Bids should be in multiples of six equity shares for all bidders, ICICI Bank said in a release.

The lower end of the price band is at a discount of 2.5 per cent to Friday's closing price of Rs. 908 on the Bombay Stock Exchange. The upper end of Rs. 950 is at a premium of 4.6 per cent to closing price. Out of the public offer of Rs. 8,750 crore in domestic market, five per cent would be reserved for existing shareholders.

ICICI Bank plans to mop up a total of Rs. 20,125 crore from domestic and international markets. — PTI

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