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

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To: Mohan Marette who wrote (402)	3/16/2000 10:24:00 PM
From: Mohan Marette	Read Replies (1) of 494

ICICI sets up a new investment management arm Yassir A Pitalwalla MUMBAI 16 MARCH ICICI has set up its second Asset Management Company (AMC), christened ICICI Investment Management Company, to undertake securitisation of its investments in debentures which appear in the balance sheet. The AMC with a paid-up equity capital of Rs 10 crore, has filed an application with the Securities & Exchange Board of India to float a Rs 125-crore close-end, passive, debenture securitisation scheme. *Senior general manger Kalpana Morparia* said*: "The debentures to be securitised would be selected from a pool of debentures held by ICICI."* The pool comprises two parts: a Rs 100-crore senior unit tranche rated 'AAA' (so) (highest safety structured obligation) and a Rs 25-crore subordinated, un-rated portion. "The subordinated units will act as an over-collateralisation for the subordinate units and will hence carry a higher yield than the senior tranche," she said. The close-end scheme will have a weighted average portfolio maturity of 3 years and will carry a fixed yield throughout the tenure of the scheme.... economictimes.com

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