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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (95)	2/9/2000 5:25:00 PM
From: Mohan Marette	Respond to of 494

ICICI Bank ADS filing this week -(Business Standard) (Thursday, February 10, 2000) Amit Prasad in Mumbai ICICI Bank has decided to shelve any domestic issue of fresh equity for the moment and would be filing for a $125 million American depositary shares (ADS) issue with the Securities Exchange Commission by the end of this week. Roadshows are expected to commence by the third week of March and the entire process is expected to be completed by March end. "If no clarification is sought by SEC on the filed documents which would be examined for 4-6 weeks and other matters are not much of a bother, the whole procedure should finish by March end," said a high level source. Earlier the bank was likely to raise some of the funds through a domestic issue. However, with attractive conditions in the international market the bank has decided to raise the entire amount via the ADS route. The greenshoe option would be included in the $125 million issue. DSP Merrill Lynch and J M Morgan Stanley have been appointed as lead managers to the issue. Pricing would be effected through the book building route although the price band is yet to be decided. An extraordinary general meeting of shareholders has been called by the bank on February 21 at Vadodara to approve of this issue as well as an employee stock option scheme. ICICI Ltd had raised an amount of $275 million through an ADS issue in September. This issue was over subscribed four times as the total subscription to the issue exceeded $1.6 billion. ICICI Ltd would be reducing their stake in the bank from the present 75 per cent to 62-65 per cent if the entire amount is raised. The share price of ICICI Bank on BSE rose by 2.5 per cent yesterday to Rs 157.85. On news of the ADS issue in January the share price had risen by nearly 85 per cent in a few days to achieve a high of Rs 186. The initial public offering of ICICI Bank in August 1997 was for an amount of Rs 144.38 crore at a price of Rs 35 per share. Currently the paid up capital of the bank is Rs 165 crore. In January 1999 the bank had made a private placement for Rs 68 crore of non-convertible debentures.