ICICI Ltd - (Nyse: IC) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Mohan Marette who wrote (128)	2/13/2000 4:40:00 PM
From: Mohan Marette	Read Replies (1) of 494

ICICI Bank to use ADS to fund acquisition of domestic banks (Monday, February 14, 2000) Amit Prasad in Mumbai ICICI Bank is considering utilising the funds raised through its American depository shares issue to acquire banks in India. Senior ICICI Bank officials said, "One of the reasons mentioned for raising this money in the document filed with the Securities Exchange Commision includes attractive opportunities for acquisitions of banks. We could use the funds for that purpose as well." The officials added, "The other reason mentioned in the SEC document is that the funds would be raised to meet future growth requirements as well as other corporate needs that could arise in the future." The bank has already filed its ADS documents with the SEC last week for its proposed $125 million (Rs 545 crore) issue. The scrip is expected to be listed on the New York Stock Exchange (NYSE). The process is expected to be completed by the end of March, with the roadshows expected to begin in the third week of March. Earlier, H N Sinor, managing director and CEO of ICICI Bank, had said the bank would be continously looking to acquire or merge with other banks in order to increase its presence. -Business Standard

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next