ICICI brings India's largest ADR

Indian bank converts domestic shares for ADR''s.

India's second largest bank increased its ADR pool by $405 million following the pricing of a 19.2 million ADR offering after New York's close on Thursday. The Merrill Lynch, Morgan Stanley and UBS led deal was priced at $21.11 per unit. This represented parity pricing to the ADR close and a 14.5% premium to the stock's Rs401.3 close on the Bombay Stock Exchange.

No new money was raised from the deal, which followed Infosys's pioneering example...

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