6-K, EX-99.1, 2001-01-19
Previous: ICICI BANK LTD, 6-K, 2001-01-19

Press Release                                         Vadodara, January 19, 2001

     Shareholders of ICICI Bank Limited approve the Scheme of Amalgamation

     The shareholders of ICICI Bank Limited (NYSE Code : IBN) have, through the
     Poll conducted at their Fifth Extraordinary General Meeting held on
     January 19, 2001, unanimously approved the Scheme of Amalgamation of Bank
     of Madura Limited (BoM) with ICICI Bank Limited subject to the approval of
     the Reserve Bank of India (RBI) and such other statutory and regulatory
     authorities as may be required. The swap ratio has been fixed at 2 equity
     shares of the Bank for every 1 equity share of BoM.

     The Bank would be seeking the approval of the Reserve Bank of India (RBI)
     in terms of Section 44A of the Banking Regulation Act, 1949. The Scheme
     would be effective from the date on which the RBI approves the Scheme or
     such other date as may be specified by the RBI by an order in writing.
     After the RBI accords its sanction to the Scheme of Amalgamation, the
     Board of Directors of the Bank would be fixing a Record Date for
     determining the shareholders of BoM who would be eligible for the shares
     of ICICI Bank Limited in exchange of the shares of BoM. BoM has
     1,17,69,900 equity shares against which the Bank will have to issue
     2,35,39,800 equity shares of the face value of Rs. 10/- each. The new
     shares to be issued would be listed at the stock exchanges in Vadodara,
     Mumbai, Chennai, Calcutta, New Delhi and the National Stock Exchange of
     India Limited.

     For investors' queries, contact: Bhashyam Seshan
                                      Phone: (91)-22-653 8420 or 653 7460
                                  Facsimile: (91)-22-653 1167
                                     e-mail: [email protected]

     Except for the historical information contained in this Press Release,
     statements in this Press Release which contain words or phrases such as
     "will" 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 exposure
     to market risks as well as other risks detailed in the report filed by
     ICICI Bank Limited with the United States Securities and Exchange
     Commission. ICICI Bank undertakes no obligation to update forward-looking
     statements to reflect events of circumstances after the date thereof.

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