New Delhi: Gaining considerable by the recent trend of increased credit-seekers, and active investors in the follow-on public offer, ICICI Bank which is India’s second-largest lender, has become the first to cross the Rs 1-trillion market cap in equity valuation.
Its recent listing (FPO) received massive response from all quarters—not just the foreign institutional buyers but also QIBs (Qualified Institutional Buyers) and retail investors—churning 5.81 crore of fresh equity shares on the bourses.
Though the banking major does face some bottlenecks like bad debts (read poor recoveries) and increased interest burden from RBI, its road to consolidation is going strong as compared to the PSU banks reeling under a capital crunch and other private players that lack the widespread reach that ICICI has on Indian consumers.
ICICI has become the eighth entity to touch the Rs 1,00,000 crore mark. Other than that Reliance Industries, ONGC, NTPC, Bharti Airtel, Reliance Communications, Infosys and TCS have already crossed the milestone.
The private lender's bigger rival in terms of revenue - State Bank of India - has market value of Rs 82,694 crore.
ICICI Bank's market capitalisation stood at Rs 1,02,971.54 crore, although its share price ended down 1.13 per cent at Rs 970.45 on the Bombay Stock Exchange. The scrip surged to an intra-day high of Rs 985 on the exchange.
ICICI Bank had raised over Rs 5,400 crore in a follow-on public offer which had received robust investor response getting subscribed 11.50 times.
Corporate behemoth RIL's market cap stood at Rs 2,38,000 crore, followed by state-run oil giant ONGC at about Rs 1,91,000 crore and Bharti Airtel at Rs 1,67,000 crore.
Another public sector firm NTPC stands at fourth place with Rs 1,29,000 crore followed by TCS at Rs 1,50,000 crore, Infosys Rs 1,38,000 crore and RCoM at Rs 1,12,000 crore.
The Bank also regained the eighth position in terms of the market cap, which it had lost briefly to DLF Ltd after the realty firm's recent listing on the bourses. DLF has slipped to the ninth rank with market cap of Rs 96,945.89 crore.
With inputs from PTI
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