Max India

INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA (ICICI), one of the country's premier financial institutions, is strengthening and widening its equity base and augmenting its long-term resources through issue of 50,00,000 equity shares of Rs 100 each at a premium of Rs 100 per share, aggregating Rs 100 crore. Out of these, 9,00,000 equity shares will be offered to the equity shareholders of the company and 2,50,000 equity shares have been reserved for offer on a preferential basis to the employees of the company. The remaining 38,50,000 equity shares are being offered to the public The public issue opens on February 13. ICICI, which was set up as a development finance institution in January 1955 with the support of the government of India and the active involvement of the World Bank, has provided a single-window financing source for a large number of industrial sectors, including basic and core industries ranging from cement to chemicals, man- made fibres to metals, electronics to transport equipment and fertilisers to food processing. The corporation has provided financial assistance in various forms to over 3,000 companies for more than 6,000 projects. This includes mediumand long-term project and equipment finance and underwriting and subscribing directly to the capital of companies. Total disbursements, as of March 31, 1990, exceed Rs 8,000 crore. The company's activities have been diversified to cover leasing, instalment sale of equipment, asset credit and deferred credit. In addition to making available a wide range of fund- based activities, it also provides counselling services through its Merchant Banking Division and acts as a Trustee for Debentures issued by Indian companies. ICICI has over the years promoted a variety of organisations to fulfill the needs of the Indian economy. Among these are: Housing Development Finance Corporation (HDFC), Shipping Credit and Investment Company of India (SCICI), Credit Rating Information Services of India (CRISIL), Technology Development and Information Company of India (TDICI) and OTC Exchange of India (OTCEI). The corporation has maintained a record of uninterrupted dividends since 1956 (its second year of operation), and the book value of its share as at March 31, 1990, was Rs 521, with an EPS of Rs 104.36 (excluding capital gains of Rs 13.28 crore).