29 March 2005 – LAWFUEL – The Law News Network – Davis Polk & Wardwell advised ICICI Bank Limited on an SEC-registered secondary offering by equity shareholders in India of 19,206,825 American Depositary Shares (ADSs), representing 38,413,650 equity shares, aggregating approximately $405 million. The offering has a green shoe option of 2,881,025 ADSs, representing 5,762,050 equity shares, aggregating approximately $61 million.
Based in Mumbai, ICICI Bank Limited is India’s largest private sector bank and second-largest bank based on total assets. ICICI Bank Limited also has representative offices in the United States, the United Arab Emirates and China, an offshore branch in Singapore and subsidiaries in the United Kingdom and Canada. ICICI Bank Limited is listed on Indian stock exchanges and has its ADSs listed on the New York Stock Exchange.
Merrill Lynch International, Morgan Stanley & Co. International Limited and UBS AG were the book-running lead managers for the offering.
The Davis Polk corporate team included partner Margaret E. Tahyar, associate Pieter Weyts and legal assistant Vivienne M. Guiden of the Paris office and associate Harold J.G. Brunink of the London office. Partner John D. Paton and associate Raymond J. Holst of the London office provided tax advice.