ICICI cuts rate

The sixth series, intended to mop up Rs 300 crore plus another Rs 300 crore greenshoe option, will be open for subscription from February 7-24, ICICI said in a release here today. Earlier, the sixth series was scheduled to be open from January 17-February 2.

ICICI had cut prime lending rates by 0.50 per cent to one per cent on January 17 following the cut in interest rates on government savings, in order to provide the full benefit of expected reduction in borrowing costs to clients.

On Gilt Rate Plus Bond, the financial institution will offer 0.50 per cent annually, 0.25 per cent less than that the previously announced, over the average yields on government securities from May 1, 2001. However, ICICI now offers a bonus of five per cent of the face value of the Gilt bond at the end of maturity period of five eyars.

On encash bond, regular income bond and money multiplier bond, the yield to maturity ranges from 10 to 11.3 per cent, against the maximum of 11.8 per cent earlier.