Issuance of Equity / Equity-Linked Securities by ICICI
The Board of Directors of ICICI at its meeting held in Mumbai today,
approved a proposal for approaching the shareholders for an issuance of
equity capital. This is a proactive move by ICICI to further strengthen
its capital base in order to sustain accelerated growth and to capitalise
on market opportunities. ICICI's strategy is to become the pre-eminent
provider of total financial solutions in India. It sees significant opportunities
for growth in the coming years in corporate finance, infrastructure funding
and the new thrust area of personal financial services.
The current international equity market conditions present a window of
opportunity for such a capital raising exercise. ICICI, in particular,
is ideally positioned to capitalise on this opportunity, in view of the
strong investor sentiment, which has resulted in a positive impact on
its market price. It is therefore proposed to make an offering to the
international markets along with an appropriate domestic offering primarily
targeted at ICICI's principal domestic institutional shareholders. While
an indicative offering size is expected to be around Rs. 2000 crore, the
final size of offering, timing and structure of international/domestic
offering would be finalised after careful analysis, discussions with investors
and lead managers and prevailing market conditions.
Mumbai
June 29, 1999