ICICI cuts rate on new bond issue

MUMBAI, FEBRUARY 2: ICICI Ltd today announced launch of its sixth series of safety bonds’ issue in 1999-2000 with reduced interest rates compared to the previously declared rates, which were withdrawn after the cut in interest on small savings schemes and PPF. Against the offer of 11.7 per cent on four of the five options under the tax saving bond previously, ICICI would now be paying 11 per cent. On its Gilt Rate Plus Bond, interest rate for the period from deemed date of allotment to April 30, 2001 will be 10 per cent against 10.5 per cent earlier.