The Hindu Business Line : ICICI Bank to come out with domestic, overseas floats

MUMBAI: ICICI Bank on Thursday said that it would come out with Rs 7,000 crore domestic and overseas issues this calendar year to fund its growth plans, besides meeting Basel-II requirements.

Both the issues will be floated simultaneously either this month or the next month, subject to regulatory approvals, ICICI Chief Financial Officer, Ms Vishakha Mulye, said here. The offers will have 15 per cent green shoe option, which will raise the issues size to Rs 8,050 crore, she said.

While the registration statement filed by the bank with the United States Securities and Exchange Commission seeks to register up to 118.4 million equity shares, the final numbers will be decided prior to filing of the red herring prospectus.

The split between the two issues have also not been decided yet, but the domestic float will be larger than the overseas listing, she said.

Mr Mulye said that the proceeds form the issue would be used for the bank's growth, investment in subsidiaries such as ICICI Prudential Life Insurance and shoring up capital adequacy ratio to meet Basel II requirements.

She evaded a direct reply to a query whether the bank is also looking at acquisition as part of its growth plans, saying, "We will look at the options as and when they come."

Merrill Lynch, Morgan Stanley and Nomura International will be the lead managers of the issues. - PTI

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