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

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To: Mohan Marette who wrote (431)	3/19/2000 11:24:00 PM
From: Mohan Marette	Read Replies (1) of 494

RBI not to proceed against ICICI Our Banking Bureau in Mumbai The Reserve Bank of India will not proceed against ICICI on the issue of alleged discrepancies in its accounts. RBI governor Bimal Jalan recently told the Financial Times that no further investigation was pending. "I'd just ignore it," he said. In a recent report, the RBI had said that ICICI's profits and capital ratio should be lower than what was declared in its results for 1998-98. ICICI said it had responded to the RBI and "believes this response was found to be satisfactory". ICICI, which also presents accounts according to US Generally Accepted Accounting Principles for international investors, said its figures were in line with global standards. ICICI chief executive K V Kamath had said that the accusations were unfounded and that the leaking of the report, which dates from last October, stemmed from "people wanting to play mischief". Meanwhile, ICICI Bank is set to begin roadshows for its $175 million American depository shares issue from Tuesday. Pricing is tentatively slated for March 27 and trading is expected to start on March 28, investment banking sources said. ICICI Bank will be the second Indian company to list on the New York Stock Exchange after its parent ICICI listed in September last year. Bank sources refused to comment on the matter. But investment bankers said the roadshows start off in Singapore and Hong Kong on Tuesday, to be followed by presentations in UK and Europe, and finally in the US. The roadshows are made up of two ICICI Bank officials and one ICICI representative, along with representatives of the lead managers and investmenet advisers. Investment banking sources said initial indications were that the Bank's prospectus had met with tremendous response from retail investors. business-standard.com

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