ICICI Bank to dilute equity

MUMBAI, July 22: ICICI will be offering for sale 4,12,50,200 equity shares of Rs 10 each at a price of Rs 35 per share aggregating Rs 144.38 crore in ICICI Banking Corporation to the public. This offer will be open from August 5 to August 11.

This divestment is pursuant to the licensing conditions stipulated by RBI. Prior to this, in the month of June, ICICI has taken 1.5 crore shares in ICICI Bank at the same price as the offer price, viz Rs 35 per share. Apart from this in June 1997, ICICI divested 12.48 lakh shares to employees of ICICI Bank, ICICI and its group companies at the offer price. ICICI Bank, which came into existence in the year 1994, is among the first few private sector banks to have started operations.

According to a press statement, the total deposit base of the bank as on March 31, 1997 stood at Rs 1,347.60 crore representing a growth rate of 84.63 % over the previous year. The increase in average deposit over the corresponding average for 1995-96 was Rs 451.47 crore, indicating steady accretion.