FIs okay ICICI equity plan
New Delhi: Financial institutions, which have a combined stake of 30 per cent in ICICI, have decided to support the company's proposal to raise fresh equity through a $500 million domestic-cum-international offering.

The institutions will subscribe to the domestic preferential offering in order to ensure that there is no dilution in their equity.

The decision was conveyed by UTI, LIC and GIC to E.A.S. Sarma, secretary in the economic affairs department, who had convened a meeting to discuss the working capital arrangements proposed by ICICI. The financial institutions had earlier expressed some reservations about ICICI's plans to increase the equity capital.
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NRI deposits proving to be a bane for Kerala
Thiruvanathapuram: As much as 42.27 per cent of the total bank deposits in commercial banks in Kerala has been found to be contributed by non-resident Indians.

This figure is available with the State Level Bankers' Committee. Canara Bank, the lead bank for the state, said that total NRI deposits with banks in Kerala as on 31 March 1999 were Rs 13,329 crore, while total bank deposits were Rs 31,532 crore.

Banks in the state are understood to be accepting deposits at a higher rate of interest from the NRIs, and this has contributed to most of the leading banks in the state reporting sharp declines in net profits in the last financial year.
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ASK-Raymond plans AMC
Mumbai: ASK-Raymond James Securities India is planning to promote an asset management company to launch equity mutual funds. The company manages two offshore funds, and is planning to leverage its performance to tap investors' funds in India.

ASK-Raymond James Securities India is a registered portfolio manager with the Securities and Exchange Board of India. The company may contemplate converting its portfolio management licence into an AMC licence.
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SBI net comes down
Mumbai: The State Bank of India has reported an 18 per cent dip in its net profit at Rs 347.85 crore for the three month period ended 30 June 1999. This compares with Rs 426.60 crore for the corresponding period in 1998-99.

The bank has made provisions of Rs 549.41 crore for this quarter compared to Rs 477 .60 crore for the same quarter last year. The provisions have been made for non-performing assets, salary revision arrears, and exchange loss on its corpus of Resurgent India Bond funds and shortfall in the redemption value of Magnum Triple 1991.
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