CICI BANK took advantage of a recent surge in demand from foreign investors to raise Rsl50bn (US$2bn) from a qualified institutional placement, equalling India's largest such offering on record. The offering follows a spate of large share sales from Indian banks that have also attracted a significant bid from foreign buyers. Earlier this month, AXIS BANK and HOUSING DEVELOPMENT FINANCE CORP raised Rs100bn and Rs140bn in primary capital, respectively, while the controlling shareholder of BANDHAN BANK sold shares worth Rs106bn in an overnight block.
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