ICICI Bank will offer shares to Japanese investors without getting listed in Japan as a part of its upcoming Rs 2,300-crore (Rs 23 billion) issue of American Depositary Shares.
Speaking to reporters in Kolkata on Wednesday, ICICI Bank executive director Nachiket Mor said the bank was adopting this route since present regulations do not permit listing on Japanese bourses.
ICICI Bank issue at Rs 505-545
ICICI Bank is also raising Rs 5,000 crore (Rs 50 billion) through a public issue from the domestic market, including a green-shoe option of Rs 750 crore (Rs 7.5 billion).
Mor said both the public and ADS issues was part of bank's capital raising exercise. The public issue would be made through book-building route.
About growth plans, he said ICICI Bank has identified three broad growth areas - retail, international and rural. In each of the segments the bank has developed a well-knit strategy for growth.
During the first half of the current financial year, ICICI Bank has witnessed 72 per cent growth in retail portfolio.
ICICI Bank is already listed on the New York Stock Exchange.
With a capital adequacy ratio of 11.5 per cent as on September 30, 2005, the present public and ADS issues would meet additional capital requirements for future asset growth and compliance with regulatory requirements, Mor said.
Currently, the bank has a network of 531 branches, 52 extension counters and 2,030 automated teller machines.
In the first half, the bank has registered a growth of 49 per cent in advances.
The price band for the issue had been set between Rs 505 and 545 per share.
The bank has offshore subsidiaries in UK and Canada, and also recently acquired one entity in Russia.