Amid boycott China movement, Chinese central bank invests Rs 15 crore in ICICI Bank
Amid boycott China movement, Chinese central bank invests Rs 15 crore in ICICI Bank
Amid ongoing tension between India and China which triggered 'boycott Chinese movement' call across the country, China's central bank, People's Bank of China made an investment in the ICICI Bank. The Chinese bank has emerged as one of the investors in ICICI Bank's Rs 15,000 crore capital raising exercise which ended last week.
The Chinese central bank signed a cheque of Rs 15 crore in the private bank under the qualified institutional placement. The lender also said it completed the issuance of 41.89 crore equity shares at an issue price of Rs 358 per unit.
After Chinese central bank's investment, share price of ICICI Bank touched an intraday high of Rs 365.90, rising 1.13% on BSE. On Monday, ICICI Bank scrip closed at Rs 360.25 on BSE. The stock has gained after 2 days of consecutive fall.
Earlier this year, the Chinese central bank's investment in mortgage lender HDFC Ltd created a flutter in the Indian market. People's Bank of China increased its stake in HDFC Ltd to over 1 per cent in March.
People's Bank of China (PBOC) was on the list of 357 institutional investors who subscribed to the qualified institutional placement (QIP), injecting Rs 15 crore into ICICI Bank, Business Today reported.
The list included Government of Singapore, Morgan Investment and Societe Generale, as well as domestic mutual funds, insurance companies, and global institutions.
