Wednesday, May 16, 2007

ICICI plans India's biggest Public Offering;to be worth $4.3 bn

ICICI Bank Ltd. has filed documents with the market regulator SEBI seeking a public offer speculated to be worth 17,500 crore which may go up to 20,100 crore depending on the demand.

The bank which has hired Goldman Sachs and Merill Lynch to manage the offer said it would meet its next 3 years requirements assuming the banking system grows at 25%.It proposes to use the proceeds to meet the strong credit growth and also to usher the bank's inorganic growth ambitions.

Enam Financial Consultants and JM Morgan Stanley are also hired to see the deal through.


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