Sunday, Mar 28, 2004
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By Our Special Correspondent
MUMBAI, MARCH 27. ICICI Bank plans to create a price stabilisation fund to protect the share price from falling below the issue price. The public issue of the bank, which opens on April 2, has a size of Rs. 3,050 crores. In addition, under the greenshoe option, the bank has the option to allocate additional equity shares up to Rs. 450 crores and operate a price stabilisation mechanism post-listing, with DSP Merrill Lynch Ltd as the stabilising agent. The issue and the greenshoe option aggregate Rs. 3,500 crores. Addressing a press conference here today, K. V. Kamath, Managing Director and CEO, ICICI Bank, said up to 50 per cent of the issue available for allocation to institutional buyers on a discretionary basis and at least 25 per cent each of the issue would be available for allocation to retail and non-institutional bidders on a proportionate basis. Under-subscription, if any, in any of the categories would be allowed to be met with spillover from any of the other categories. Retail bidders have the option to pay only Rs. 150 per share on application and the balance on call. The issue would constitute up to 16.3 per cent of the fully diluted post-issue paid-up capital of the bank, assuming no exercise of greenshoe option and up to 18.2 per cent assuming the greenshoe option is exercised. The issue will be made through the book-building route, the price-band being Rs. 255-295 per equity share. The issue will close on April 7. Mr. Kamath also said that the bank would be focusing on cross-selling its various products among its vast customer base, which is around ten million now.
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