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June 19, 2007 - June 22, 2007

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):

Category No. of Applications No. of Shares Subscription
Qualified Institutional Buyers 277 945838770 21.3916
Non Institutional Bidders 2906 80056822 6.03536
Existing Retail Shareholders 27732 1845739 0.37547
Retail Bidders 478302 32815720 1.00385

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

Bid Price No. of
Shares
% to Total Cumulative
Total
Cumulative
% to total
885 354204 0.031 1135355190 100.000
886 510 0.000 1135000986 99.969
887 558 0.000 1135000476 99.969
888 204 0.000 1134999918 99.969
889 66 0.000 1134999714 99.969
890 4920 0.000 1134999648 99.969
891 1374 0.000 1134994728 99.968
892 198 0.000 1134993354 99.968
893 324 0.000 1134993156 99.968
894 60 0.000 1134992832 99.968
895 2250 0.000 1134992772 99.968
897 108 0.000 1134990522 99.968
899 102 0.000 1134990414 99.968
900 2611836 0.230 1134990312 99.968
901 678 0.000 1132378476 99.738
902 10158 0.001 1132377798 99.738
903 66 0.000 1132367640 99.737
905 2496 0.000 1132367574 99.737
906 360 0.000 1132365078 99.737
907 30 0.000 1132364718 99.737
908 22500 0.002 1132364688 99.737
909 114 0.000 1132342188 99.735
910 228138 0.020 1132342074 99.735
911 318 0.000 1132113936 99.715
912 360 0.000 1132113618 99.714
913 18 0.000 1132113258 99.714
914 102 0.000 1132113240 99.714
915 7224 0.001 1132113138 99.714
916 120 0.000 1132105914 99.714
917 138 0.000 1132105794 99.714
918 252 0.000 1132105656 99.714
919 66 0.000 1132105404 99.714
920 4798254 0.423 1132105338 99.714
921 522 0.000 1127307084 99.291
922 126 0.000 1127306562 99.291
923 330 0.000 1127306436 99.291
924 6 0.000 1127306106 99.291
925 2359998 0.208 1127306100 99.291
926 444 0.000 1124946102 99.083
927 7518 0.001 1124945658 99.083
928 54 0.000 1124938140 99.082
929 24 0.000 1124938086 99.082
930 98083668 8.639 1124938062 99.082
931 528 0.000 1026854394 90.443
932 168 0.000 1026853866 90.443
933 12 0.000 1026853698 90.443
934 102 0.000 1026853686 90.443
935 1437180 0.127 1026853584 90.443
936 66 0.000 1025416404 90.317
937 54 0.000 1025416338 90.317
938 234 0.000 1025416284 90.317
940 336836004 29.668 1025416050 90.317
941 6 0.000 688580046 60.649
942 30 0.000 688580040 60.649
943 54 0.000 688580010 60.649
944 12 0.000 688579956 60.649
945 5001714 0.441 688579944 60.649
946 48 0.000 683578230 60.208
947 6 0.000 683578182 60.208
948 12 0.000 683578176 60.208
949 3882 0.000 683578164 60.208
Rs. 950 & Cut Off Price 683574282 60.208 683574282 60.208
1135355190 100.000

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:

Category No. Of Applns. % to total Total No. of Shares applied % to total No. of Shares allocated Ratio Total No. of Shares allocated
108 15 0.85 1620 0.00 30 FIRM 450
114 174 9.81 19836 0.03 32 FIRM 5568
120 208 11.72 24960 0.03 34 FIRM 7072
1002 6 0.34 6012 0.01 280 FIRM 1680
2004 3 0.17 6012 0.01 560 FIRM 1680
10002 4 0.23 40008 0.05 2797 FIRM 11188
20004 1 0.06 20004 0.03 5593 FIRM 5593
30000 7 0.39 210000 0.27 8388 FIRM 58716
87630 2 0.11 175260 0.23 24501 FIRM 49002
100002 1 0.06 100002 0.13 27960 FIRM 27960
135000 1 0.06 135000 0.17 37745 FIRM 37745
240000 3 0.17 720000 0.93 67103 FIRM 201309
300000 1 0.06 300000 0.39 83879 FIRM 83879
525000 1 0.06 525000 0.68 146788 FIRM 146788
1050000 1 0.06 1050000 1.35 293575 FIRM 293575
2800002 1 0.06 2800002 3.60 782868 FIRM 782868
3999996 1 0.06 3999996 5.15 1118380 FIRM 1118380
4210530 1 0.06 4210530 5.42 1177245 FIRM 1177245
7500000 1 0.06 7500000 9.65 2096965 FIRM 2096965
10536000 1 0.06 10536000 13.56 2945757 FIRM 2945757
11400000 1 0.06 11400000 14.67 3187322 FIRM 3187322

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.

Category Fls/Banks MFs Flls ICs Total
No.of Shares 4844328 5415271 37638921 6262584 54161104

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

 

Place: Mumbai
Date :5th July, 2007

For ICICI Bank Limited
Sd/-
Jyotin Mehta
General Manager & Company Secretary

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.

ICICI Bank FPO Basis of Allotment FAQs

The IPO allocation is based on the subscription level and the investor category.

Refer to IPO allotment rules and methods for more details.

See the basis of allotment document above to know how the shares are allocated in ICICI Bank FPO .

The ICICI Bank FPO basis of allotment (published above) tells you how shares are allocated to you in ICICI Bank FPO and category wise demand of IPO share.

Visit the ICICI Bank FPO allotment status page to check the number of shares allocated to your application.

In ICICI Bank FPO allotment process, the registrar separates valid and invalid applications. The invalid applications with technical errors are rejected and only valid applications at or above the cut-off price are considered for allotment.

For more information, please refer to IPO Allotment Process and Basis of Allotment.

Check the ICICI Bank FPO basis of allotment document to know how the shares are allocated in ICICI Bank FPO.