08 Aug 07 ICICI Bank – Listing of Partly Paid Shares
ICICI Bank limited has informed the stock exchanges that the partly paid shares of ICICI Bank Limited will be listed on the stock exchanges tomorrow, Thursday, August 9, 2007. Finally investors who invested in the ICICI Bank FPO using the part payment option are being offered an exit opportunity. The fully paid shares of ICICI Bank ended the day at Rs. 884. Since the supply of shares will increase tomorrow, there might be a pressure on the ICICI Bank share prices. After crossing the Rs. 1000 mark a few weeks back, ICICI Bank shares have been steadily falling. ICICI Bank has been one of the worst affected counters in the recent market meltdown. The BSE code for ICICI Bank’s partly paid shares is 532174. A special thanks to Alam for letting me know the listing date of ICICI Bank partly paid shares.
Update : There seems to have been an error regarding the Listing Date. The shares being listed are not partly paid shares but full paid shares of ICICI Bank which have probably been issued due to ESOP’s of ICICI Bank being exercised. I deeply regret inconviniences caused to investors as a result of the wrong information being published. The actual listing date of ICICI Bank’s partly paid shares will be announced here as and when it is available.
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hi bullish,
i believe that ICICI was to list the partially paid share after two weeks from the cut off date of the installment payment i.e. 26 July. then why it’s not listed yet and no intimation for listing even it is more than two weeks now. is icici delibrately delaying listing to fool or cause further harm to investors as theri stock is on slippery mode?
dear bullish
finally, there is an announcement on BSE site that partly paid shares of ICICI Bank will be listed from 14th August, 2007, (tomorrow) – you may wish to advise investors that the Scrip Code is different
Any views if we will be able to exit with a profit ?
@ketan – Thanks for the update Ketan. After seeing ICICI Bank quote above Rs. 1000, I’m unable to make up my mind to sell the shares at such a low price. Further I think ICICI Bank shares have been beaten down for no reason at all. I’ve decided to hold the shares for the medium – long term.
@alam – Finally ICICI Bank is listing their partly paid shares. Hope investors who are looking at exiting, are able to exit with profit.
bullish,
how investor could exit with profit as the allotment price will 940/share if we exit now? and icici is trading below 880.
@ alam – The allotment price of ICICI Bank FPO is Rs. 890 for retail investors. The partly paid shares trading price will take into account the Rs. 50 discount which will accrue to the final buyer who holds the partly paid shares of ICICI Bank on the date the final part payment call is made by ICICI Bank.
bullish,
if we exit now we will not be eligible for discount, right?
@alam – We will not get the discount, but the person who buys from you will get the discount. So essentially he gets Rs. 50 profit. This profit will be factored into the ICICI Bank partly paid share prices.
bullish,
one more thing, the person who buys icici share, say tomorrow, how the discound will be given to him?
a) cmp – Rs50
or
b) 940-50=890
in case of B why investors will not buy from secondary market where they can buy below 880 (current trading price of icici)
Alam,
a) The partly paid shares have a paid up amount of Rs.500 per share. if you buy 20 PP shares from the market, at the final call date you will be asked to pay (890-500)*20 = 7800.
b) The CMP of fully paid shares is 878.65 (closing price) so if you buy from market 20 shares you pay 17573, whereas if you buy 20 PP shares at CMP of 484.25 (484.25*20=9685) (closing price) and hold upto call date and pay 7800 to convert to full paid shares, your total cost is 17485. There seems to be an arbitrage opprtunity but you have to consider the time taken to convert PP to fully paid (interest burden on 9685) this should make the arbitrage disappear.
Basically the PP shares price in the market should always be between (approx) 55 – 57% of the fully paid shares (for efficient market theory to work )
Thanks,
Vishal
Correction:
The market price of PP shares should be close to market price of fully paid shares – 390 (balance payable on PP shares to convert them to fully paid shares).
Apologies for the confusion (% method wont work)
Thanks,
hi bullish,
when do you expect the icici will call for second installment payment?
Sir,
Please gudie me can we sell ICICI Partly paid shares
A query
I had mail payment of first installment on 27th July by DRAFT, after that there is neither confirmation of receipt of that money nor there is a request for payment of second installment.
When do we expect the transaction to complete?
I have been allotted with 54 ICICI bank shares. Tell me when I could exit this counter with profit. Thanx., PRV
I had paid the balance amount for Partly paind shares aroud 20th Jul. still find them as Partly paid shares in my DEMAT account..Any idea when we get fully paid shares allotted
I had paid the balance amount for Partly paind shares aroud 16th Jul. still find them as Partly paid shares in my DEMAT account..Any idea when we get fully paid shares allotted
HI BULLISH,
WUD U PLZ CLARIFY ONE DOUBT? IF WE SOLD ICICI PARTLY PAID SHARES ON BSE AT CMP, WILL ICICI WILL DEDUCT RS.50/SHARE? FOR EXAMPLE IF WE SELL ICIPPS AT TODAY TRADING PRICE 485.30 HOW MUCH WILL BE CREDITED TO OUR ACCOUNT.
I had done the part payment on July 13th and still the shares are not fully alloted to me. Do we know whom to contact in these cases?
i m still not able to find the listed price of partly paid shares .can anyone tell me the current price level.
i m still not able to find the listed price of partly paid shares .can anyone tell me the current price level .
what is the status of 2nd call money. I’m yet to receive the call.
Hi,Bullish, perhaps you are busy with some important job. We will have to consult with Karvy. Any thing about Mundra Port IPO.
hi,
i am holding ICICI bank partly paid shares from recent Follow on Issue and after watching recently down in market, i decided to sale it off. i want to pay remaining amount of the share value.
But here i am little bit confused, which process to follow as i hold partly paid share.
Sir,
I am holder of 102 shares & already paid full amount of final call of Rs. 39780 by D.D.NO. 429541 dated 02/12/2007 OF STATE BANK OF INDORE,DHAMTARI branch & deposited the same with ICICI BANK Raipur (Chhattisgarh ).In spite of this I have received your call notice No.430861 dated May 14 ,2008.Kindly do verify the same & issue a letter for that effect as early as possible.
Thanks.
Your’s Faithfully,
(Ajay Agrawal)
Folio No. 8323869