China's biggest lender in terms of market capitalization, Industrial & Commercial Bank of China Ltd. is reported to have asked investment banks to give their proposals for underwriting a planned issue of new shares that is expected to raise US$12 billion at current share prices, people known to the issue posted Friday.

ICBC has told banks to submit the required document Tuesday and present their proposals Thursday.

However, the document didn't remain silent over when the mandate will be given, but banks hope to be intimated soon after the presentation.

ICBC is the latest of China's banks to reveal major fund-raising plans following a lending binge -- the key podium of the country's stimulus expenditure last year - resulted in deteriorating capital levels.

ICBC in March posted that it plans to raise US$3.66 billion with the help of a convertible bond issue in the domestic market and is reported to sell new shares worth as much as 20% of its existing Hong Kong-listed shares.

ICBC reportedly possess 83 billion H-shares, which marked a rise by 1.9% on Friday at HK$5.77 each.

It is disclosed that Agricultural Bank is to send a listing application to the Hong Kong stock exchange next week, aiming to conclude the listing by July.