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Non-Tech : ICICI Ltd - (Nyse: IC)

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To: Mohan Marette who wrote (13)	12/20/1999 4:53:00 PM
From: Mohan Marette	Read Replies (1) of 494

ICICI Firms up plans for $100-m offshore fund Madhvendra Das MUMBAI 20 DECEMBER THE ICICI group has firmed up plans to float a $100-m offshore fund to invest primarily in infotech and pharma stocks in India, the US and other global markets. KV Kamath, CEO & MD, ICICI, told ET that the fund will be managed by ICICI Venture. "The $100-m offshore fund is being floated for investing in India, the US and any other global market. ICICI Venture will manage the fund and will be focusing on investments in the IT and pharma sectors." ICICI Venture is already an active player in the venture capital market and has been managing a fund. Parent ICICI has also taken some exposure in the IT sector through private equity or during the initial public offer (IPO) stage. "We have refrained from any secondary market operations in IT stocks," said ICICI sources. Top-level market sources said the new fund could be aggressively looking at IT and Internet start-ups by Indians in Silicon Valley. The ICICI group has taken a lead among financial institutions to shift its 'brick and mortar' model to a more dynamic 'click and brick' platform. A part of this strategy is to invest in greater amounts in the equity of IT firms and at the same time extend further working capital assistance to infotech companies. The financial institution has recently raised $315m through an issue of American Depository Shares (ADS) and listed these instruments on the New York Stock Exchange. Sources said that while $160m of this has already been disbursed in the form of rupee loans, the remaining $155m has been sold forward in the foreign exchange markets till February and March, pending demand for funds. economictimes.com

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