ICICI Bank Ltd's equity issue of Rs 3,050 crore (Rs 30.50 billion) with a green shoe option of Rs 450 crore (Rs 4.50 billion) has received bids in excess of Rs 3,150 crore (Rs 31.50 billion) less than two hours after it opened for bidding on Friday.

Investors have put in cumulative bids for over 11 crore (1.1 million) shares at various price points, according to data available with NSE and BSE.

• ICICI Bank issue: How good is it?

The institutional investors have shown strong interest and at average weighted price of Rs 270 per share, the response aggregates to over Rs 3,050 crore mark, investment banking sources said in Mumbai.

The book building route has a price band of Rs 255 to Rs 295 per equity share for bidding process and most bids are in the range of 260-275 per share, the sources added.

The bidding process would close on April 7.