SI
SI
discoversearch

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 ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Mohan Marette who wrote (337)3/7/2000 4:32:00 PM
From: Mohan Marette  Read Replies (1) of 494
 
ICICI wants over 40% stake in bank

Our Banking Bureau in Mumbai

ICICI Ltd has sought the Reserve Bank of India's approval to keep its stake in ICICI Bank above the stipulated level of 40 per cent.

According to RBI regulations, promoters of the new generation private banks have to bring down their stakes to 40 per cent over a period of time. The period is decided on a case-to-case basis.

ICICI senior general manager Kalpana Morparia confirmed that it had been in talks with the RBI over the issue and was awaiting a response. She was unwilling to speak further on the 'very sensitive' issue.

At present, ICICI has a 74.3 per cent stake in the bank, which would be diluted to 60 to 63 per cent after ICICI Bank's $125 million American Depository Shares issue. The issue is expected to be completed by this month.

According to the statement filed by ICICI Bank with the US Securities and Exchange Commission, "Any divestment of ICICI's holdings in ICICI Bank could result in the latter's inability to continue to exploit the corporate and retail relationships of the ICICI group. This would adversely affect their business, results of operations and financial position."

ICICI says its request "is in line with an occasional paper released by the RBI in January 1999 which states that if a long-term lending institution decides to provide commercial banking services directly it could do so through a 100 per cent subsidiary."

-Business Standard
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News