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 in August 2003 when domestic investors tendered their shares into an offering that was then syndicated out to international investors through an ADR. The structure enables domestic investors to lock in the profit between...

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