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Non-Tech : ICICI Ltd - (Nyse: IC)
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To: Mohan Marette who wrote (339)3/8/2000 8:21:00 AM
From: Mohan Marette  Read Replies (1) of 494
 
ICICI Bank seeks permission to up the amount of the stock offering

08-03-2000 15:19:17

ICICI Bank seeks approval to raise $175mn

ICICI Bank has sought the government`s approval to raise up to $175mn through its proposed American Depositary Receipts (ADRs) issue, a senior official of the ICICI group said today.

The bank had earlier received approval from the government to raise $125mn. "The earlier plan was to raise $125mn. But if the response to the issue is strong, we thought we will get an enabling approval from the FIPB (Foreign Investment Promotion Board) to raise up to $175mn," Kalpana Morparia, ICICI`s Senior General Manager, told Reuters.

"We`d rather take the enabling approval beforehand rather than at the time of the issue."

The FIPB, which clears overseas capital issues of Indian firms, is yet to grant approval to the bank`s proposal.

Morparia said the bank had approval of its board of directors and shareholders to offer 45mn shares or 15% of its authorized capital of 300mn shares by way of an overseas issue.

The proposed issue is aimed at boosting its Tier-I capital. The proceeds of the issue will be utilized to acquire banks in India. The issue is likely to hit in March last week. The ADRs will be listed on NYSE.

-probity
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