ICICI Bank Board recommends 100% dividend, to raise capital through public issue

ICICI Bank Ltd has announced that the Board of Directors of the Bank at its meeting held on April 28, 2007, inter alia, has transacted the following:

1. Recommended dividend for the year ended March 31, 2007 as under;

i. A dividend of 0.001 per cent, i.e. Rs 100/- per preference share on 350 preference shares of the face value of Rs 1 crore each; and

ii. A dividend of 100 per cent, i.e. Rs 10 per equity share of face value of Rs 10/- each, subject to requisite approvals.

2. Approved the raising of additional equity capital by the Bank by way of a public issue of shares In India and, subject to applicable regulations and necessary approvals, an issue of American Depositary Shares (ADSs) in the United States. The capital raising is expected to be around Rs 20,000 crore (US$ 5.0 billion). The approval of the shareholders will be sought by postal ballot.

3. Elevated Ms. Madhabi Puri-Buch, Group Corporate Brand Officer & Head - Operations as Executive Director on the Board, subject to the approval of Reserve Bank of India, and of the shareholders at the next general meeting. Her appointment is effective from June 01, 2007.

Source : Equity Bulls

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