ICICI Bank's shares have seen a 3 percent rally after the private lender informed the exchanges that it will consider raising funds at its board meeting on May 9. At 11:24 am, the shares were trading at Rs 348 on the NSE.

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The bank said that the fundraising will be considered by way of issuance of debt securities including NCDs (non-convertible debentures), bonds, notes, offshore certificates among others.

It further added that the fundraise can be considered in single or multiple tranches and through private or public placement.

The fundraising announcement by the bank was made after market hours yesterday when it plunged nearly 11 percent on the NSE. ICICI Bank was one of the main contributors to dragging the Nifty50 index, during Monday's trade.

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