ICICI Bank All Set To Double Borrowing Limit

Mumbai: ICICI Bank is all set to double its borrowing limit to Rs 2,00,000 crore, largely to fund expansion of its international business. Additionally, the bank is proposing to seek an enabling authorisation from its shareholders to issue depository receipts (DRs) against preference shares, subject to legal and regulatory amendments. The bank''s borrowing limits linked to Tier-1 capital has increased following the just-concluded Rs 20,000 crore domestic and American Depository Receipts (ADR) issues. The bank''s net worth has increased to about Rs 44,500 crore from over Rs 24,300 crore as on March 31, 2007. In a notice to the shareholders for its thirteenth annual general meeting on July 21 in Vadodara, ICICI Bank explained that the bank would need to borrow more it has identified international business as one of the key growth drivers. The expected growth in its international banking group would entail higher funding requirement. The bank had last increased its borrowing limit on May 3, 2002 to Rs 1,03,550 crore from Rs 3,000 crore set on June 15, 1998.