ICICI Bank was trading nearly flat at Rs 968.90 at after state-owned Dubai International Capital said it had bought a 2.87% stake in India's largest private sector bank.

The news hit the market after trading hours yesterday, 12 July 2007.

The scrip touched an intraday high of Rs 990.90 and an intraday low of Rs 966 during the day. Nearly, 8.67 lakh shares had changed hands in the scrip, and recorded an average daily volume of 3.53 lakh shares in the last three months.

The equity capital company is Rs 1061.07 crore, with 106.10 crore outstanding shares with a face value of Rs 10 each. At the existing price of Rs 968.90, the scrip trades at a PE multiple of 28.01, which is based on the year ended March 2007 earning per share (EPS) of Rs 34.58.

The ICICI Bank scrip benefited 5.88% in the one month to 12 July 2007 against the Sensex’s 7.78% increase. It had appended 10.77% in last one quarter against the Sensex’s 12.76% return.

The Dubai Company may have paid $717 million for the stake adopted thru an American depository receipts (ADR) issue, which is open to foreign capitalists. Dubai Holding is owned by the Dubai government that says it wants to make two of the world's chief financial institutions by 2015.

ICICI Bank brought up $4.9 billion in India’s largest share sale in June 2007, pricing the follow-on offer it at Rs 940 a share. Retail investors were offered the shares at a price cut of Rs 50, i.e., at Rs 890 per share.

The Bank's American Depositary receipts (ADR) offering of $ 2.14 billion was priced at $ 49.25 per ADS. Each ADS represented two equity shares of the bank.