ICICI Bank Mulls Lures To Win Over Domestic Investors

ICICI Bank is squeezing global investment bankers for the best deal even as it works out sops for retail investors in India to sell its Rs 20,000-crore equity issue. India''s second-largest bank is confident of divesting its shares to foreign institutions, but isn''t sure of domestic retail investors. International investors are hoped to purchase three-fourths of the shares in the Rs 20,000-crore equity offering. The government is considering treating the Singapore firms as separate and eventually allows them hold 10% each in ICICI Bank. Driven by its own prospects, the bank may succeed in getting Wall Street investment banks Goldman Sachs and Merrill Lynch sell the issue for less than 1% fees ($50 million). Traditionally, issuers have paid between 1.25% and 2% for international issuances.