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Strategies & Market Trends : Far East Markets - Taiwan, Korea, Hong Kong, China and India
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From: BigSwingingD3/31/2005 12:28:38 AM
   of 30
 
Interest in ICICI Bank - patience maybe a virtue....

*Recall the recent (Mar18) sponsored ADR US$466m or 6% of the
equity outstanding

*FII's reportedly accounted for 90% of the tendered 44.2m shares

*December's data showed that aggregate foreign holding (FDI +
FII + NRI) equalled 70.7%

*Aggregate foreign stake in PRIVATE banks is capped at 74%

*If 90% of the tendered block deal was tendered by FIIs, the
FII holding in the underlying would shrink to less than 44%,
thus CREATING ROOM FOR ADDITIONAL PURCHASES IN THE DOMESTIC
MARKET.
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