ICICI To Raise $2.5 Bn In Share Sales

Mumbai: ICICI Bank likely to mop up $2.5 billion in the biggest overseas share sale by an Indian company. India''s second largest bank is supposed to have asked regulatory clearance to sell American depository receipts as early as this month. The Bank likely to mop up a similar amount at home as a part of a fundraising plan declared in April. The fastest economic growth in 60 years has lured overseas investors to India, helping the stock markets to become the third largest emerging stock market after China and Russia to surpass the $1 trillion mark. ICICI has named Merrill Lynch and Goldman Sachs to sell shares in India and overseas. Enam Financial Consultants and JM Morgan Stanley will also arrange the domestic portion of the sale.