Date:17/03/2004 URL: http://www.thehindubusinessline.com/2004/03/17/stories/2004031701601000.htm

Back ICICI Bank public issue a positive development: S&P

Our Bureau

Mumbai , March 16

INTERNATIONAL rating agency, Standard & Poor's, has stated that ICICI Bank's proposed Rs 3,500 crore public issue will be a positive development.

However, the rating of the bank is constrained by the country's foreign currency rating (BB/Stable/B).

Last week, the shareholders of ICICI Bank had given their approval to raise up to Rs 3,500 crore from the equity markets.

"The net proceeds from the proposed share issue is expected to enhance the bank's financial profile, in particular its capitalisation position as denoted by Standard & Poor's (S&P) evaluation of adjusted common equity.