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Asia-PacificMarch 3 2004

Riding India’s growth wave

Foreign investors are bullish on India’s banks and ICICI especially. By Kala Rao and Stephen Timewell in Mumbai.
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ICICI Bank, India’s largest private sector bank by assets, plans to raise fresh capital by selling shares worth around Rs30bn ($665m) at current market prices. The equity will be sold in the local stock market and the price will be fixed in a bid-auction slated for mid-April.

ICICI CEO and Managing Director K V Kamath says: “The growth potential in the Indian economy over the next three to four years is strong, and the new capital will anchor the next phase of the bank’s growth.

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