 Bloomberg -- ICICI Bank Ltd. is considering raising as much as 3 billion in a share sale as the lender seeks to bolster its capital ratios, according to people familiar with the matter.The Mumbai-based bank plans to start discussions with potential advisers for the offering soon, said the people, who asked not to be identified as the information is private. ICICI Bank is currently targeting a share sale as soon as September, though the timing could still change depending on market conditions, the people said.ICICI Banks shares extended losses and closed 7.5 lower in Mumbai on Wednesday after the Bloomberg News report. The stock is down 35 this year, mirroring a 34 slump in the 10-member Bankex index.Indias second-largest private sector bank will be joining its peers in seeking capital to expand lending business, betting on an economic recovery once the coronavirus pandemic subsides. The countrys lenders may have to raise 20 billion of cash over the next year, according to Credit Suisse Group AG. Of that amount in expected fundraising, state-run banks are estimated to need 13 billion from the government to recapitalize.ICICI Bank had raised about 31 billion rupees 409 million by paring stakes in its publicly-traded units including ICICI Prudential Life Insurance Co. and ICICI Lombard General Insurance Co., according to exchange filings. The lender had a capital adequacy ratio of 16.1 as of March 31, compared with 18.5 at its larger peer HDFC Bank Ltd.ICICI has already started to fortify their balance sheet with of stake sales in insurance units, said Siddharth Purohit, an analyst at SMC Global Securities in Mumbai. As the next step the bank may now be putting all the pieces in place so that they can tap the market with a share sale when the window that offers the right valuation comes.Considerations of the shale sale are at an early stage and details could still change, the people said. A spokesman for ICICI Bank didnt respond to an email seeking comment.Adds analysts comment in sixth paragraph.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.2020 Bloomberg L.P. 