ICICI Bank FPO Basis of Allotment

ICICI Bank

ICICI Bank Limited. (Incorporated as ICICI Banking. Corporation Limited on January 5.1994 and subsequently renamed as ICICI Bank Limited on September 10.1998).
Registered Office: 'Landmark', Race Course Circle, Vadodara - 390 007. Corporate Office: ICICI Bank Towers, Bandra-Kurla Complex, Mumbai 400 051
Tel:+91-22- 2653 1414. Fax:+91-22-2653 1230. Website: www.icicibank.com

BASIS OF ALLOCATION

PUBLIC ISSUE OF 94,663,600 EQUITY SHARES OF Rs. 10 EACH FOR CASH AT A PRICE OF Rs. 930.0 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF Rs. 930.0 PER EQUITY SHARE) FOR NON INSTITUTIONAL AND QIB BIDDERS AND Rs. 890.0 (INCLUDING A SHARE PREMIUM OF Rs. 880.0 PER EQUITY SHARE) FOR EXISTING RETAIL SHAREHOLDERS AND RETAIL BIDDERS AGGREGATING Rs. 87,500.0 MILLION REFERRED TO HEREIN AS THE 'ISSUE'. THE ISSUE COMPRISES A NET ISSUE TO THE PUBLIC OF UP TO 92,878,698 EQUITY SHARES OF Rs. 10 EACH AGGREGATING Rs. 85,911.4 MILLION (THE 'NET ISSUE') AND A RESERVATION FOR EXISTING RETAIL SHAREHOLDERS OF THE BANK OF 1,784,902 EQUITY SHARES OF Rs. 10 EACH AGGREGATING Rs. 1,588.6 MILLION ('EXISTING RETAIL SHAREHOLDERS RESERVATION PORTION'). THE ISSUE SHALL HAVE A GREEN SHOE OPTION OF 14,197,011 EQUITY SHARES OF Rs. 10 EACH AT A PRICE OF Rs. 940.0 PER EQUITY SHARE FOR NON-INSTITUTIONAL AND QIB BIDDERS AND Rs. 890.0 FOR EXISTING RETAIL SHAREHOLDERS AND RETAIL BIDDERS FOR CASH AGGREGATING Rs. 13,125.0 MILLION. THE ISSUE SIZE WOULD BE UP TO Rs. 87,500.0 MILLION ASSUMING NO EXERCISE OF THE GREEN SHOE OPTION AND UP TO Rs. 100,625.0 MILLION ASSUMING THE GREEN SHOE OPTION IS FULLY EXERCISED. THE ISSUE WOULD CONSTITUTE 9.5% OF THE FULLY DILUTED POST ISSUE PAID UP CAPITAL OF ICICI BANK LIMITED (THE 'BANK' OR THE 'ISSUER'), ASSUMING NO EXERCISE OF THE GREEN SHOE OPTION AND UPT010.8% ASSUMING THE GREEN SHOE OPTION IS FULLY EXERCISED.'

* The total number of Equity Shares issued maybe required to be adjusted inter alia for the discount of Rs. 50 to be offered to Existing Retail Shareholders and Retail Bidders, pursuant to completion ofBook Building Process.' Post Issue paid up capital assuming all Shares are fully paid up.

THE FACE VALUE PER EQUITY SHARE IS RS.10/- AND THE ISSUE PRICE IS 94 TIMES OF THE FACE VALUE FOR QUALIFIED INSTITUTIONAL BIDDERS AND NON-INSTITUTIONAL BIDDERS AND 89 TIMES OF THE FACE VALUE PER EQUITY SHARE FOR RETAIL BIDDERS AND EXISTING RETAIL SHAREHOLDERS OF THE BANK.

The Issue made through the 100% Book Building Process wherein up to 50% of the Net Issue to the public was to be allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs') (including 5% of the QIB portion that was specifically to be allotted to mutual funds). Further, not less than 15% of the Net Issue to the public shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Net Issue to the public shall be available for allocation on a proportionate basis to Retail Bidders, subject to valid bids being received at or above the Issue Price.
The Issue received 5,09,217 applications for 106,05,57,051 Equity Shares resulting in 9.70 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional Bidders, Existing Retail Shareholders and Retail Bidders categories are as under (Before technical rejections):

Final Demand
A sample of the final demand at different bid prices is as under:

The Basis of Allocation was finalized in consultation with the National Stock Exchange of India Limited ('NSE') on 4th July, 2007.
A. Allocation to Retail Bidders (After Technical Rejections)
The Basis of Allocation to the Retail Bidders, was finalized in consultation with NSE. The category was subscribed to the extent of 0.95 times. Hence FULL and FIRM allotments have been made against all valid applications. The total number of Equity Shares allotted in this category is 31138314 Equity Shares to 449977 successful applicants. The unsubscribed portion has been added to Non-Institutional category duly reworked at Rs.940/- per Equity Share.

B. Allocation to Existing Retail Shareholders of the Bank (After Technical Rejections)
The Basis of Allocation to the Existing Retail Shareholders of the Bank was finalized in consultation with NSE. The category was subscribed to the extent of 0.36 times. Hence FULL and FIRM allotments have been made against all valid applications. The total number of Equity Shares allotted in this category is 1773924 Equity Shares to 26571 successful applicants. The unsubscribed portion has been added to Non-Institutional and QIB categories in the manner decided by the Issuer in consultation with the Book Running Lead Managers after reworking in the quantum of such Equity Shares at Rs.940/- per Equity Share.

C. Allocation to Non-Institutional Bidders (After Technical Rejections)
The Basis ofAllocation to the Non-Institutional category, who have bid at or above the Issue Price of Rs.940 per Equity Share, was finalized in consultation with NSE. The category was subscribed to the extent of 3.57 times. The total number of Equity Shares allotted in this category is 21725180 Equity Shares to 1774 successful applicants. The category-wise details of the Basis of Allocation (Sample) are as under:

D. Allocation to QIBs
Allocation to QIBs has been done on a proportionate basis in consultation with NSE. As per the SEBI guidelines, Mutual Funds were initially allotted 5% of the quantum of shares available i.e 27,08,055 Equity Shares and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available Shares i.e. 5,14,53,049 Equity Shares on Proportionate basis.

The Committee of Directors of the Bank at its Meeting held at Hyderabad on 5th July, 2007 has approved the Basis of Allocation of shares and has allotted the shares to various successful applicants.
The dispatch of CAN-cum-Refund Orders and allotment advice and notices (where applicable) to the address of the investors as registered with the depositories has commenced on 5th July, 2007 and is expected to be completed on or about 6th July, 2007. In case the same is not received within ten days, investors may contact the Registrars to the Issue at the address given below. The Refund Orders have been over-printed with the Bank Mandate details as registered, if any, with the depositories. The Equity Shares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account, details with the depositories concerned. In terms of the Prospectus dated June 26,2007, the Bank is taking steps to get the fully paid-up Equity Shares admitted' for trading on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited (the 'Exchanges') within seven working days from the, date of approval of the Basis of Allocation. At present, as per the terms mentioned in the Prospectus, the partly paid share cannot be traded on the Exchanges. Terms used but not defined herein shall have the meanings ascribed to them in the Prospectus.

INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrars to the Issue, Karvy Computershare Private Limited at www.karvy.com or http://kcpl.karvy.com
All future correspondence in this regard may kindly be addressed to the Registrars to the issue quoting full name of the First/ Sole applicant, Serial number of the bid-cum-application form, number of Shares bid for, name of the Member of the Syndicate and Place where the bid was submitted and payment details at the address given below:

Karvy Computershare Private Limited
Unit: ICICI- FPO III, Plot No. 17 to 24, Vitharao Nagar, Hitech City Road, Madhapur
Hyderabad - 500081, Fax: 040-23420814,
Email: icici_fpo@karvy.com or einward.ris@karvy.com

TOLL FREE - HELPLINE NUMBER 1 -800-3454001

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARE ON LISTING OR THE BUSINESS PROSPECTS OF ICICI BANK LIMITED.