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

To: Mohan Marette who wrote (208)	2/22/2000 7:44:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

ICICI Bank shareholders approve fresh equity issue (Wednesday, February 23, 2000) Amit Prasad in Mumbai Shareholders of ICICI Bank have given approval to the issue of fresh equity up to 15 per cent of the authorised capital of the bank which translates into a maximum issue of 4.5 crore new shares. This approval was received at the extraordinary general meeting of the bank in Vadodara on February 21. Currently, the authorised capital of the bank includes 30 crore shares at a par value of Rs 10 each. At the same meeting the shareholders also approved of the employee stock option scheme amounting to 5 per cent of the paid up capital of the bank. In the meanwhile, ICICI Ltd has picked up the remaining 20 per cent stake in the ICICI Bank joint venture with Satyam Infoway. Although this was supposed to be a 50-50 joint venture between ICICI Bank and Satyam Infoway, RBI regulations necessitated that the bank not pick up more than 30 per cent of the venture According to sources familiar with the issue, either one of the subsidiaries such as the web trading venture or the financial institution were anyway likely to pick up the stake. "The Web trading venture had a very strong case as there would have been some synergy between the two activities," said a source. However, the structure of the board for the joint venture is yet to be worked out and the venture is not expected to take off immediately. The joint venture with Satyam Infoway had been announced in January for on-line distribution of retail banking products and services. The range of products distributed through the portal would include savings accounts, current accounts, fixed deposits, bill payments and other such products. All payments would be facilitated through ICICI Bank. ICICI Bank has already filed for an American Depository Share (ADS) issue of a maximum of $125 million. The bank has also indicated to the Securities and Exchange Commission (SEC) that these funds could be utilised for acquisition of banks in India if opportunities arise. -Business Standard