Item 2
ICICI Limited
News Release November 24, 2000
Redemption of Multi option Bonds issued in July-August 1996
The erstwhile SCICI Limited, which merged with ICICI Limited, had made a public
issue of unsecured redeemable bonds in the nature of promissory notes
aggregating Rs. 500 crore in July-August 1996 vide the prospectus dated June
26, 1996. The said bonds were issued in the nature of Deep Discount Bonds,
Regular Return Bonds, Pension Bonds and Money Back Bonds.
As per the terms and conditions of the prospectus, both the Bondholder(s) and
the Company have the right to exercise early redemption option on specified
dates. The first date for exercising this call/ put option is on March 1, 2001.
In accordance with the above, ICICI would be calling back the Bonds. The total
amount being redeemed is approximately Rs. 605 crore.
At the same time, ICICI is offering the eligible Bondholders an option to
switchover their existing holding into Fixed Deposits bearing special interest
rates. As a policy measure, ICICI also discontinued the practice of putting any
call and put options in its public issues of bonds after March 1997.
This communication shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such jurisdiction
Except for the historical information contained herein, statements in this
release which contain words or phrases such as "will", "would", "aim", "will
likely result", "believe", "expect", "will continue", "anticipate", "estimate",
"intend", "plan", "contemplate", "seek to", "future", "objective", "goal",
"project", "should", "will pursue" and similar expressions or variations of
such expressions may constitute "forward-looking statements". These
forward-looking statements involve a number of risks, uncertainties and other
factors that could cause actual results to differ materially from those
suggested by the forward-looking statements. These risks and uncertainties
include, but are not limited to our ability to successfully implement the bond
redemption programme, our strategy, future levels of non-performing loans, our
growth and expansion, the adequacy of our allowance for credit losses,
technological changes, investment income, cash flow projections, our exposure
to market risks as well as other risks detailed in the reports filed by ICICI
Limited with the Securities and Exchange Commission of the United States. ICICI
undertakes no obligation to update forward-looking statements to reflect events
or circumstances after the date thereof.
For further press queries please contact Madhvendra Das at +9122 653-6812 or
email: [email protected].
