ICICI Bank''s board approves sponsored ADR offering

Mumbai: The Board of Directors of ICICI Bank (NYSE: IBN) has approved the proposal for sponsoring American Depositary Receipts (ADRs) against existing equity shares held by its shareholders and listed on Indian stock exchanges. The approval came at its meeting on December 13, held in Mumbai.

The size of the sponsored ADR offering would be up to a maximum of 6 per cent of the Bank's paid-up equity share capital, subject to compliance with applicable regulations governing sponsored ADR issuances by Indian companies and foreign ownership in Indian private sector banks. Approval of the shareholders will be sought as required.