Structure for Equity Issuance by ICICI

The Board of Directors of ICICI at its meeting held in Mumbai today, approved the final structure for the issuance of equity capital aggregating Rs. 2165 crore or US$ 500 mn equivalent, targeted at both the international and domestic markets. The domestic offering would comprise a preferential allotment of equity capital to principal domestic institutional shareholders (LIC, GIC & subsidiaries and UTI) aggregating Rs. 500 crore, at a price of Rs. 73/- per equity share and a public issue of equity capital aggregating Rs. 275 crore, at a price of Rs. 73/- per equity share, with an option to retain oversubscription upto 10%. The balance issuance would be by way of an international offering that would be initiated subsequent to completion of the domestic offering. The pricing for the international offering would be determined on the basis of the book building process. It may be recalled that ICICI's shareholders had approved the proposal for raising equity capital at the Annual General Meeting held on July 30, 1999.

The information contained in this press release is not an offer into the United States or into any other country. Offers in the international offering will be made only by means of a prospectus which will contain detailed information about ICICI and its management and which will contain financial statements. The shares of ICICI to be offered in the domestic and international offering have not been and the shares in the domestic offering will not be registered under the U.S. Securities Act of 1933 or with any other securities regulatory authority in the United States or any other country. The shares in both the domestic and the international offering may not be offered or sold, directly or indirectly, into the United States unless they are registered under the Securities Act or an exemption from the registration requirements is available.

August 19, 1999