COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES
SEARCH REDIFF

Sinha lauds ICICI listing on NYSE

R C Murthy in Washington

Finance Minister Yashwant Sinha lauded ICICI Limited on its successful launch of its ADR issue on the New York Stock Exchange last week.

The first Indian corporate instrument listed on the NYSE, the ADR has been trading around $11-9/12 against the launch price of $9.8 -- a premium of about 18 per cent, said K V Kamath, ICICI managing director.

That is party because ICICI managed to have some bulk subscriptions. As a result, the floating stock of the issue, which was oversubscribed six times, is limited and the NRI appetite for the instrument is growing.

Singapore government is said to have applied for 1.2 million ADRs. Several top mutual funds, including Capital Finance, had queued up for allocation.

ALSO SEE

World Bank to write off $ 27 bn debt of poorest countries
Panels abound, for world's development
Sinha assures Phase II of reforms on return to power
Business