ICICI Banks'' share issue price in India fixed at Rs525

ICICI Bank's public issue of equity shares of of Rs50,000 million ($1,083 million) in India, which was open from December 01, 2005 to December 6, 2005, has been priced at Rs525 ($11.37) per equity share. The issue has a green shoe option of Rs7,500 million ($162 million).

The bank's American Depositary Share (ADS) offering of Rs20,000 million ($433 million) has been priced at $26.75 per ADS, translating into a price of approximately Rs618 per equity share and representing a premium of approximately 18 per cent to the domestic issue price. Each ADS represents two equity shares of the bank. The bank has pegged the dollar value at Rs46.18

The offering is being made under ICICI Bank's registration statement filed with the SEC. 25 per cent of the ADS offering has been allocated to the Public Offering Without Listing (POWL) component in Japan of Rs5,000 milling ($108 million). The ADS offering has a green shoe option of Rs3,000 million ($65 million).

Though the issuance and delivery of the equity shares and the ADSs is expected on December 16, 2005, the bank has informed the stock exchanges that "the time of delivery is subject to further change and further information, if necessary, will be provided through a press release to be posted on the Bank's website."

DSP Merrill Lynch Ltd and JM Morgan Stanley Pvt Ltd are the book running lead managers for the public issue in India. Merrill Lynch International, Morgan Stanley and Nomura Securities are the Joint Global Coordinators for the ADS offering. The ADS offering is being made only through a prospectus.