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   Non-TechICICI Ltd - (Nyse: IC)

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To: Mohan Marette who wrote (108)2/11/2000 11:04:00 AM
From: stock4U
   of 494
IC touch $32.00 .

More to come.

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To: Mohan Marette who wrote (108)2/11/2000 11:32:00 AM
From: SouthFloridaGuy
   of 494
ICICI plans holding co for its dotcoms along lines of
Sourav Mukherjee & George Cherian
IT IS clearly a case of mind over matter. ICICI is drawing up
ambitious plans to float a new holding company for all its
business-to-business (B2B), business-to-consumer (B2C),
consumer-to-consumer (C2C) ventures on the lines of
US major CMGI Inc.
The new company, which will initially be a 100 per cent
subsidiary of ICICI, will subsequently raise funds through an
international listing on Nasdaq and/or placement of equity shares
to strategic foreign partners.
Parent ICICI will, however, continue to directly hold stakes in all
non-e companies within the group.
The project is part of ICICI chief KV Kamath?s dream to become
the czar of the Indian internet space and the largest domestic
provider of finance and other skills to Indian brainpower.
CMGI Inc, a Nasdaq-100 company, is in the business of creating
and managing the largest and most diverse network of internet
companies in the world. Compaq, Intel, Microsoft and Sumitomo
hold minority positions in the US company.
Among the 60-odd dot companies that CMGI has acquired or
built include household names like AltaVista , HotLinks , Lycos ,
Engage , AdForce, Critical Path, NaviSite , Silknet Software,
Chemdex , MotherNature and CarParts.
These holdings are bunched into four sub-groups of marketing
and advertising, content and community, e-commerce and
enabling technologies companies.
The new CMGI-type structure is aimed at unleashing maximum
value from all its in-house portals and consolidating all
internet-related companies within a more synergistic structure.
This will, however, exclude ICICI Infotech which is more focused
on providing all the technological backbone for the group.
ICICI insiders said that an Indian CMGI has been on Kamath?s
mind ever since he stepped on the gas a few months back to
make ICICI the most e-friendly and e-exposed group in the
country. This new-found avatar has already sent ICICI group
shares on a roll with both the ICICI and ICICI Bank scrips
touching new 52-week highs.
ICICI has already announced the launch of a joint venture with
Satyam Infoway for e-retailing ( ), a web trading
portal ( ) and an e-commerce payment gateway
(in collaboration with a Compaq-led consortium). It is also
drawing up plans to float a host of other financial and
non-financial portals besides looking at acquisitions on this front.

When contacted, ICICI officials were very tight-lipped on the
move. However, analysts said that the move would help unleash
immense shareholder value besides spread wealth across the
group?s employees and shareholders. All ICICI group employees
connected with the growth businesses are being compensated
for their work through stock options in these companies. The
unleashing of greater value through the holding company will also
come as a boon to ICICI shareholders as all gains made by the
new subsidiary would accrue to ICICI?s consolidated balance
?If ICICI?s strategy is closely monitored, it is making the best of
all opportunities. Very soon its internet business will be valued
several times over its traditional business of lending. At the same
time, the presence of so many ventures will enable ICICI
to cross-sell its products to a larger segment of netizens,? said
an analyst.

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To: stock4U who wrote (109)2/11/2000 1:13:00 PM
From: Mohan Marette
   of 494
ADR Report-Infosys ADRs surge, lead Asian issues up

Message 12845648

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To: Mohan Marette who wrote (111)2/11/2000 1:43:00 PM
From: Mohan Marette
   of 494
ICICI Bank's proposal for issue of ADRs cleared.

11-02-2000 18:53:48

FDI proposals worth Rs11.6bn cleared

The Commerce and Industry Ministry today approved 62 foreign direct investment (FDI) proposals worth Rs11.60bn ($266mn). A government statement said, the proposals cover various sectors like high quality seeds, bulk drugs, computer software, infrastructure development, Internet, banking, airlines, e-commerce.

It said ICICI Bank Ltd`s proposal for issue of American Depositary Receipts/Global Depositary Receipts has been cleared by the government. The statement added the FDI involved in the ICICI Bank proposal is Rs5.37bn.

It said the government had also allowed South African Breweries International Asia B.V. Netherlands to set up a joint venture holding company for further investment in the brewery sector. The total FDI is Rs2.12bn, and includes 60% foreign equity and 25% to be held by non-resident Indians.

Portals Ltd, England has been allowed to set up a banknote paper manufacturing utility involving FDI of Rs1.20bn. Portals would hold 74% of the equity, the statement said.

HSBC Electronics Data Processing India Ltd has been allowed to set up a wholly-owned data processing unit. The foreign investment in this proposal amounts to Rs225mn, the statement said.

BBDO Asia Pacific Ltd have been permitted to increase its equity to 49% from 20.10% in its venture to produce and market television serials. The foreign investment is worth Rs87mn.

A proposal by ModiLuft Ltd to bring in foreign investment worth Rs750mn in its domestic airline services has also been approved by the government.

A proposal by Metropolis Gas Company Ltd of the United States to develop a liquefied natural gas regassification terminal has been given the go-ahead. Metgas, a subsidiary of Enron Corp, has been established to set up a pipeline network in western India.

The government allowed Telnet Corporation of the United States to establish a wholly-owned independent e-service management center with an investment of Rs43mn.

Source: Reuters

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To: Mohan Marette who wrote (112)2/11/2000 2:27:00 PM
From: Mohan Marette
   of 494
Car finance cos slash rates by 2% overnight-ICICI leads the charge.

Cry-baby Kotak Mahindra complaints.

LEADING car financiers will, in the next few days, slash interest rates from 17-18 per cent to 15-16 per cent. The move has been primarily triggered by the new kid on the block -ICICI- which is offering an interest rate of 16 per cent on car loans. Industry experts view this as a serious move to corner volumes in a highly competitive market. Not to forget, the overall costs of funds too have come down.

However, industry majors have been extremely critical of ICICI's move of "stealing customers" by "undercutting rate". According to Dipak Gupta, executive director of Kotak Mahindra Finance, rates are being pruned to maintain competition.

"But undercutting does not help the market. All it will help is give the first person the benefit of lead time. It doesn't help the market grow. One will only see customers moving away from one loan-provider to the other," he said.
Industry players cool: Page 10

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To: Mohan Marette who wrote (113)2/11/2000 5:00:00 PM
From: Mohan Marette
   of 494
ICICI on a hiring-spree

...Take Mumbai-based ICICI which has gone on a recruiting spree. In recent months, it has diversified into new businesses like e-commerce, infotech and capital services. After hiring 400 people, it plans to scour the IIMs for 40 more.

Business has been booming for Executive Search and Placement (ESP), a Mumbai-based head-hunting outfit. In the past six months, it placed some 30 people at Standard Chartered, about 40 people for Hongkong Bank and recruited 10 more for ICICI Bank. Anant Sarawate, ESP's business development manager, say Centurion Bank is also looking for people for its insurance business.

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To: Mohan Marette who wrote (114)2/11/2000 8:27:00 PM
From: Mohan Marette
   of 494
ICICI ties up with GFSL

Saturday 12 February 2000

By Nayeem Quadri -Time of India

SURAT: There is good news for over 80,000 customers of Gujarat Gas Company Limited (GGCL) in Surat. Gujarat Gas Financial Services Limited (GFSL), a subsidiary of GGCL has tied up with ICICI Limited to offer its customers in Surat, retail finance products of ICICI Ltd like auto finance, consumer durable loans and home loans.

"The initial launch on Wednesday would be for car finance to be followed later by other products," Vishwanath Seshadri, head of Credit and Auto Finance, ICICI Ltd said. As part of its strategy to enter new markets in well planned phases, ICICI started its auto finance operations in Surat through GFSL as a franchisee for marketing of auto loans and other retail products.

Stating that GFSL today deals with over 80,000 customers directly, Seshadri said that this would provide a big market to ICICI to offer its RFS products. GGCL is one of the leading companies in combined distribution of natural gas to domestic, commercial and industrial customers in the three south Gujarat cities of Bharuch, Ankleshwar and Surat. It is also in the process of expanding its operations across Gujarat.

"GFSL has been providing its services to customers of GGCL for the last five years. In order to broaden the product basket available to our customers, GFSL has tied up with ICICI," GFSL chairman Edwin Bowles said.

ICICI personal financial services in about 18 months, has tied up with leading manufacturers like Toyota Kirloskar, Daewoo Motors, Hyundai Motors, Ford India And Honda Siel as their preferred financiers to provide customers with varied finance options.

The financial institution offers car loan schemes for almost all cars on the Indian roads today. According to Seshadri, ICICI plans to be a universal bank that would fulfil the financial needs of a customer under one roof. "ICICI Group lays heavy emphasis on technology to provide door step service to customers."

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To: Mohan Marette who wrote (115)2/11/2000 9:02:00 PM
From: Mohan Marette
   of 494
ICICI Bank Ltd files for IPO reports Dow Jones-Details awaited

Saturday, February 12 3:08 AM SGT

India's ICICI Bank Ltd. Files IPO For $125M Of ADSs

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To: Mohan Marette who wrote (116)2/11/2000 10:18:00 PM
From: Mohan Marette
   of 494
Foreign, private banks likely to join hands for payment gateway

A clutch of leading private and foreign banks is soon likely to join hands to tie-up with a leading e-business solutions provider for launching a payment gateway to facilitate inter-bank transfer of funds through inter-bank.

ICICI Bank, HDFC Bank, Global Trust Bank, UTI Bank, Citibank, Deutsche Bank, HSBC and ABN Amro Bank are said to be keen on joining hands for facilitating the launch of this facility. Names like Satyam Infoway, Compaq, IBM and Brokat Ways are doing the rounds as likely candidates for developing and providing the platform and designing the gateway.

"Public sector banks interested in forewing into net-banking may also be roped in," a high-level e-banking solutions provider said.

The gateway, expected to be set up by the middle of this year is sure to bring banking right at the doorstep of the Indian consumer and be a landmark advancement to the concept of 'virtual banking'.

Talks are underway between these banks for launching the gateway, which will emerge as a forceful alternative to the present electronic funds transfer (EFT) of the RBI. The upcoming payment gateway with real time settlement of transactions and fund transfers, enabling banks to substantially reduce transaction costs and the processing period. Currently, settlement of funds between banks takes place through the clearinghouse of the Reserve Bank of India.

"The concept is the baby of private and foreign banks," sources said.

According to infotech industry sources, the idea of inter-bank fund transfer on the Net, which will facilitate real-time online transactions among customers of banks is still at the conception stage and will be operational subject to regulatory clearances.

"Launching the payment gateway will definitely need approval from the Reserve Bank. There are issues like allowing customers to open accounts through the Net, approval to the concept of e-cheques by the Government and regulatory authorities, recognition of electronic data and setting up of certifying authority to issue digital signature certificates," the source said, adding: "We are optimistic that the idea will receive full support from the RBI".

The current Internet banking facility offered by a few banks enables customers to make inter-branch transfers, but do not enable fund transfer between banks.

A few banks have launched payment gateways offering business-to-business (B2B) and business-to-customer (B2C) services, though these too are handicapped, as they do not enable transactions between two parties having accounts in different banks.

Both parties to the transaction should maintain an account with the bank offering the service.

The establishing of such a gateway will also depend on passage of the Information Technology Bill (IT Bill) by the Parliament. The IT Bill, which was tabled in December last year, is expected to be passed during the budget session.

The bill seeks amendments to the RBI Act (1934) for enabling electronic fund transfer among banks and financial institutions (FIs) and the Bankers' Books Evidence Act (1891) to give sanctity for books of accounts maintained by bank/FIs in the electronic form.

Source : MI
Feb 11, 2000

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To: Mohan Marette who wrote (117)2/11/2000 10:20:00 PM
From: Mohan Marette
   of 494

According sec F1 filing the joint book-runners on this IPO will be Merrill Lynch and Morgan Stanley. Ticker,date,size of the offer etc to be announced in later filings.

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