ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
-A A +A

Ramjidas Chemicals

ICICI THE Industrial Credit and Investment Corporation of India (ICICI) is issuing to the public 16 per cent unsecured, redeemable bonds in the nature of promissory notes of Rs 1,000 each aggregating Rs 200 crore. ICICI reserves the right to retain oversubscription up to Rs 200 crore. The issue will open for public subscription on April 19 and close on May 14. It has been given the highest credit ratings by both the rating agencies in the country, LAAA by ICRA and AAA by CRISIL. Interest would be payable half-yearly, thus giving an effective annualised yield of 16.64 per cent. Although the maturity period of the bonds is five years, the bondholders have the option to encash the bonds after three years with no change in the interest payable to them. The minimum application amount is Rs 1,000 with no upper limit. The bonds can be transferred by a simple process of endorsement and delivery and, to further improve liquidity, lCICI proposes to list the bonds on the Bombay stock exchange. The bonds have been declared 'public securities' under Section 2(12) (d) of the Bombay Public Trusts Act, 1950 by the Government of Maharashtra. ICICI was set up in 1955 and is one of India's premier development finance institutions. Besides conventional project finance, ICICI provides a comprehensive range of modern financial services to meet every possible need of Indian industry. Its profits have grown at a rate of 25 per cent annually for the last five years and the profit after tax was Rs 130 crore for the six-month period ended September 30, 1992. To exploit the opportunities created by the liberalisation measures introduced for Indian industry and the financial system, ICICI has set up an investment company as a joint venture with J P Morgan (named ICICI Securities and Finance Company), floated a mutual fund and opened two zonal offices at Bangalore and Baroda, in addition to its existing ones at Bombay, Delhi, Calcutta and Madras.

Subscribers please login to access full text of the article.

New 3 Month Subscription
to Digital Archives at

826for India

$50for overseas users

Get instant access to the complete EPW archives

Subscribe now

Comments

(-) Hide

EPW looks forward to your comments. Please note that comments are moderated as per our comments policy. They may take some time to appear. A comment, if suitable, may be selected for publication in the Letters pages of EPW.

Back to Top