By P.R. Venkat

An investment arm of the Singapore government and Morgan Stanley are among the investors that have subscribed to ICICI Bank's $2 billion share placement.

ICICI Bank Ltd. had placed a total of 418.99 million shares at an issue price of 358 rupees ($4.78) each, a 1.9% premium to the earlier decided floor price, the Indian bank said Sunday.

"The equity issuance witnessed healthy participation from the global and domestic investor community, including foreign portfolio investors, domestic mutual funds and insurance companies," ICICI said.

Among the investors, the Singapore government was allotted 46.44 million shares or nearly 11.1% of the offer.

Morgan Stanley Investment Inc. was allotted 30.63 million shares and Societe Generale took 23.25 million shares, ICICI said.

The proceeds of the issue will be used towards strengthening the capital adequacy ratio of the bank, improving its competitive positioning and to meet general corporate needs, it said.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

August 16, 2020 21:20 ET (01:20 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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