History of ICICI Ltd.

1955

- The Industrial Credit & Investment Corporation of India Limited was incorporated on 5th January as a Public Limited Comp. under the Indian Companies Act, 1913, & subseqently renamed ICICI Limited with effect from September 11, 1998.

-Industrial Credit and Investment Corporation of India [ICICIs] is one of the premier development finance institutions assisting the country's industrial growth. The Government of India & the World Bank took an active interest in the formation & development of ICICI. Also in 1996 SCICI was merged with ICICI due to overlap of business & clientele.

- ICICI has changed its lending focus from traditional manufacturing sectors to knowledge-based industries & the service sector. It is the only financial service company, which has positioned itself as a full service universal bank. Corporate financial services includes project finance, infrastructure finance, working capital finance, structured finance, equity research & advisory services. Among retail financial service it has banking services, IT related services, demat services, home loans, car loans, mutual funds & retail bonds.

1991

- During the year, ICICI initiated the Export Breakthrough Service in collaboration with Developing Countries Trade Agency [DeCTAs], an agency funded by British Government.

- ICICI has given highest priority to technology upgradation in Indian industry through indigenous effort.

- 39 issues of shares & debentures underwritten by ICICI for Rs.36 crore were placed on the capital market compared with 40 issues of shares & debentures for Rs.34 c

- In July, an agreement was signed with the World Bank for a line of credit for US $ 50 million for projects involving prevention of environmental degradation.

- In December, an agreement was signed with the Kreditranstalt fur Wiederaufbau [KfWs] for DM 100 million representing an export credit for financing import of capital goods from Germany.

1992

- In February, a Tripartite MOU was signed to give effect to an allocation of SF 20 million made under a protocol agreement between the Government of India & Government of Switzerland.

- ICICI has entered into interest rate & currency swaps for some portion of its long-term borrowings in order to hedge exposure to interest rate & currency exchange rate movements.

1993

- ICICI has also started the `Export Breakthrough Service' in collaboration with Developing Countries Trade Agency [DeCTAs], a British Government funded agency.

- ICICI has entered into interest rate & currency swaps for some portion of its long-term borrowings in order to hedge exposure to interest rate & currency exchange rate movements.

- I-SEC is a joint venture between ICICI & JP Morgan & Company Incorporated.

- The Bank set up the ICICI Asset Management Comp. Limited to operate the schemes of `ICICI Premier', launched in November

- The Bank formed a joint venture in July 1993-Inapex Auto Products Exports Limited-with consortium of 30 major auto-product companies to sell auto companies abroad.

1994

- The Bank has emerged as one of largest financiers of technology in the country, managing USAID & World Bank funds to the tune of US $ 140 million through its various technology financing programmes, viz., PACT, PACER, SPREAD, TEST & ACE.

- The Bank has set up an in-house Training Institute at Pune which was inaugurated on October 13, to take care of long-term training needs of the employees of all the companies in the ICICI group, at various levels.

1995

- As on March 31st, 2,54,68,750 No. of Equity Shares of Rs 100/- each were converted into 25,46,87,500 No. of Equity Shares of Rs 10/- each.

- The Bank entered the custodial business as sub-custodian for GDR issues by Indian companies.

- The Advisory Service Division has proposed the setting up of joint venture for infrastructure sector in West Bengal.

1996 - The Bank diversified its activities into different forms of asset financing such as leasing, asset credit & deferred credit as well as finance for non-project activities which are typically short term in nature.

- The Bank was the first financial institution in India to have implemented a nation-wide data communications network based on 64 kbps leased circuits connecting all its offices. This is also one of the largest Wide Area Networks [WANss] in the country. The Bank also has one of largest E-mail networks in the country with over 1000 users and 10 post-offices.

- The Bank has introduced a performance-linked incentive scheme for motivating employees at all levels to produce their best for the Corporation.

1997

- 9,57,00,000 No. of Equity Shares are allotted as fully paid up during the year ended March 31st, represented by Global Depository Receipts through an International Offering in US dollars.

- Industrial Credit & Investment Corporation of India [ICICIs] will introduce a new instrument, Index Warrant, based on the performance of the 30-scrip sensitive index [sensexs] of Bombay Stock Exchange [BSEs] in its forthcoming Rs.1,500-crore bond issue next month. This will be the first-ever sensex-based instrument to be introduced in the country.

- ICICI has been admitted as the 18th Depository Participant during the week ended February 22.

- ICICI has received approval from the Union finance ministry to set up a Global Medium-Term Note [GMTNs] programme aggregating u to $500 mn.

- ICICI has set up India first dedicated software fund.

- ICICI has entered into a strategic alliance with two Kerala-based private sector banks-Federal Bank Ltd [FBLs] & South Indian Bank Ltd [SIBLs]-to share business interests & strategies.

- ICICI proposes to adopt Mangalore city as part of its town adoption programme, launched this year.

- During the year, ICICI bank offered two new products - the Quantum Optima, a flexible fixed deposit scheme & the second, christened Infinity, an internet banking service.

1998

- ICICI is building a multi-channel distribution network to provide ready access to its customers.

- Anagram Finance Limited was merged with ICICI, effective from 1st April.

- ICICI Banking Corporation has recently launched a call-linked short term deposit scheme, Quantum Corporate, which comes with a minimum subscription amount of Rs.1 crore & thereafter in multiples of Rs.25 lakh.

- ICICI is instituting the `ICICI Safe Hands' award for best catch in each of 10 matches as well as the `ICICI Safe Hands Award of the Series'.

- The Industrial Credit & Investment Corporation of India, which would shortly change its name to `ICICI Ltd', has made provisions and write-offs to the tune of Rs.263.89 crore against assets vested upon merger of ITC Classic Finance.

- ITC Classic has been amalgamated with ICICI on 21st April.

- ICICI has set up a separate `Mergers & Acquisitions' department aimed at restructuring its asset portfolio & providing a sharper focus to the recovery of Non Performing Assets [NPAss].

- ICICI is setting up a knowledge park - The Knowledge Gateway of Asia - near Shameerpet in Rangareddy district to provide world class infrastructure for undertaking fundamental scientific research and facilitating technology exchange between universities/research institutions & industry.

1999

- ICICI has set up a special purpose vehicle [SPVs] for securitisation of receivables in the oil & gas sector.

- ICICI Ltd has introduced a new `Easy Instalment Bond' in its sixth trench of `ICICI Safety Bonds' which is opening for subscriptions on January 21.

- Hyundai Motor India Ltd [HMILs] has tied up with ICICI for private label consumer financing of Santro.

- ICICI Ltd has proposed a debt restructuring proposal for cash starved Delhi-based DLF Cement.

- ICICI Ltd is setting up a network of 312 investor service centers in 300 cities across the country over the next two years.

- ICICI Ltd proposes to launch a separate home loan scheme for non-resident Indians.

- ICICI is entering into a strategic alliance with the Chennai-based financial services house, Integrated Enterprises for a distribution arrangement for its range of ICICI retail products.

- ICICI Ltd & Punjab National Bank [PNBs] have reached an `in- principle' agreement for an equal charge on the cash flows of Jindal Vijaynagar Steel Ltd [JVSLs].

- ICICI, the country second largest financial institution, has proposed a yearly commission not exceeding one per cent of net profit to its non-wholetime directors.

- National Thermal Power Corporation today entered into a fixed rate loan agreement with ICICI for a loan amount of Rs. 1,000 crores.

- The Comp. has issued 87,50,000 Preference Shares aggreating Rs 8.75 crore against Preference Shares held by shareholders of the erstwhile Anagram Finance Ltd., & redeemed Preference Shares aggregating Rs 250 crore of same company. Further, the Comp. has also redeemed 9.25% Preference Shares of Rs 50 crore at par on 23rd July.

- 12.5% fully convertible Debentures have been converted into 3,45,31,200 No. of Equity Shares of Rs 10/- at a premium of Rs 5 per Share on July 18, thereby enhancing the Equity Share Capital as on June 30th, by Rs 34,53,12,000

- ICICI became the first Indian Comp. to get listed on the NYSE in Sep.'99. The Comp. is making constant efforts to take first mover advantagein the technology-related businesses. It is developing a large wireless platform to offer complete range of financial services to its customer. The services offered are banking, broking, financial information, booking tickets & paying bills.

- ICICI received several awards from renowned organisations in recognition of best practices followed by it in terms of employee welfare, transparency in financial reporting & in discharging its responsibilities as a corporate citizen. The Far Eastern Economic Review in its survey of Asian Companies adjudged ICICI as the fourth among the top 10 leading companies in India. Similarly, Hewitt - the HR consulting firm adjudged ICICI as the fourth best Comp. to work for in India, in a survey done for Business Today magazine. ICICI also bagged the award for best presented Acc. given by Institute of Chartered Accountants of India. ICICI has won this award for the second consecutive year in the category of 'Banks & FIs'. Finally, ICICI also received the 'Rio Tinto Award for long term commitment' from the Secretary General of Commonwealth in London recently. The award has been instituted by 'Worldaware,' a UK based charity organisation, and is given to a Commonwealth based Comp. which has demonstrated consistent commitment over a number of years to involvement in development.

2000

- The ICICI made an overseas equity issue through American Depositary Receipts [ADRss]. It became the first Indian corporate to get its equity listed on the New York Stock Exchange [NYSEs].

- The Comp. has announced that it has tied up with a Compaq-led consortium for setting up a payment gateway to facilitate secured online business-to-consumer & business-to-business e-commerce transactions.

- ICICI would be launching its new web-based service as part of its 'business to business' [B2Bs] thrust called corporateinfinity.com.

- ICICI had launched its i-payment mechanism on the net for corporates having a bank Acc. with ICICI Bank.

- The Comp. launched a real estate advisory portal, Indiahomeseek.com, which will be spun off into a separate company.

- The Comp. has launched services based on wireless application technology [WAPs], enabling WAP phone users to receive real-time stock quotes.

- ICICI Ltd has launched its shopping portal on the Internet, MagicCart [www.magiccart.coms], which is part of group strategy to expand its retail base in the country.

- ICICI Ltd has launched Cafemumbai.com, described as the first of the Cafe India series of city portals from the company.

- ICICI Ltd has launched a universal bill presentment & payment service called billjunction.com.

- ICICI launched mobile banking/commerce services for customers of ICICI Bank using wireless application protocol [WAPs] technology.

- The Export Credits Guarantee Department of UK has entered into a memorandum of understanding [MoUs] with ICICI & IDFC.

- ICICI Infotech Services Ltd., a wholly-owned subsidiary of ICICI Ltd., & Emirates Financial Services, a Comp. of Emirates Bank group, have announced the setting up of joint venture IT and E-commerce services company, Tricolour Infotech International Inc [T3Is].

- ICICI Capital, a wholly-owned ICICI subsidiary has tied up with Mumbai Kamgar Madhyavarthi Grahak Sahakari Mandal to set up investment desks called ICICI Point within the stores.

- The Bank will launch portal for market making in Government and Corporate bonds.

- ICICI Ltd will float a separate wholly owned subsidiary called ICICI e-Payments soon.

- Shikha Sharma, Senior General Manager, of Comp. has been appointed managing director-designate of financial institution's insurance venture.

- ICICI Infotech Services Ltd.,a wholly-owned subsidiary of company has acquired the US-Based Software service provider, Ivory Consulting Group with an annual revenue of $10 millions.

- ICICI Infotech Inc, the US subsidiary of ICICI Infotech Services Ltd has acquired a US based software firm Ivory Consulting Group for an undisclosed sum.

- ICICI, ABN Amro & the Comp. have emerged as the top three among automobile finance companies, the first of its kind for India.

- ICICI launched `www.Traveljini.Com', an online travel information and services portal that aims to offer the entire travel related needs of tourists & travelers under one roof.

- ICICI Ventures & Sanjay Narang promoted Mars Hotels have recently signed a memorandum of understanding to float a new Comp. called Mars Restaurant India Ltd.

x- ICICI Ltd will launch the country first debenture securtisation programme through its Rs 80-crore collateral bond obligation [CBOs] issue, which opens for subscription on 15th July.

- ICICI Ltd is launching the first tranche of its `Safety Bonds' issue for the current fiscal through an offering of unsecured redeemable debentures totalling Rs 200 crore, with a green-shoe option of an identical amount.

- ICICI limited introduced `Payseal' interfaces between the Internet shopper, the Web merchant & its bank to facilitate online payments for shopping made on the Net.

- The City and Industrial Development Corporation of Maharashtra has tied up with ICICI for incubator project.

- ICICI launched its personal finance portal, icicimoneymanager.com, which comprises personal finance products of entire group.

- ICICI limited is launching the second tranche of its 'Safety Bonds' issue amounting to Rs 250 crore for current fiscal through an offering of unsecured redeemable bonds with a green shoe option for an identical amount.

- ICICI Ltd & HDFC have hiked their housing loan rates by 50 basis points.

- ICICI will hold 40 per cent stake in a broadband joint venture with Raghav Behl-promoted Telvision Eighteen Ltd.

- The ICICI Home Finance Comp. Ltd, housing finance subsidiary of ICICI Ltd,has increased interest rates by 50 to 75 basis points with effect from 1st September.

- ICICI entered into a marketing tie-up wiht UAE-based financial conglomerate Emirates Bank Group.

- ICICI has sold 2,37,605 No. of equity shares of SSB Industries Ltd at Rs. 18 per share on spot delivery basis.

- Financial giant ICICI limited to promote the concept of micro-credit.

- ICICI Infotech, a wholly-owned subsidiary of ICICI, will divest up to 10 per cent of its equity stake in the Comp. & isue fresh equity shares of maximum 10 per cent of paid up capital.

- ICICI launched a portal, `ICICI - communities.org', through which we can make donations to social development organisations listed on the websites.

- The Comp. has appointed J M Morgan Stanley as merchant bankers to advice it for divesting 10 per cent share in ICICI Infotech.

- ICICI enter into a strategic alliance with Rediff.com India limited to mutually strengthen & enhance their position in the Internet space in India.

- ICICI Ltd., launched its city centric portal - cafedilli.com - focussing on news entertainment, lifestyle & e-commerce.

- ICICI on course for reverse merger with ICICI Bank to convert itself into a universal bank.

- ICICI Ltd launched its online bill presentment & paymet service Billjunction.com, in Delhi.

- ICICI has entered into a strategic alliance with London-based e-services Comp. Infowavz, which specialises in the business of web-based call centres.

- The Comp. has formed a holding Comp. for its non-core portals, Christened ICICI Econet.

- ICICI is making its third public offering of unsecured redeemable bonds in the nature of debentures to raise Rs 250 crore with a right to retain oversubscription of same amount.

- The ICICI incubated travel portal, Traveljini, has won the Golden Mouse Award for best site of year.

- ICICI limited has entered into an agreement to sell seven floors of its main building at Backbay Reclamation in Mumbai.

- The Comp. has entered into a joint venture with Lombard Canada Ltd., one of oldest property & casualty insurance companies in Canada, to launch general insurance business in India.

- The Mahindra group has tied up with ICICI to provide credit and underwrite guarantees for sellers for an online steel trading exchange.

- The following companies have become susidiaries of ICICI limited : Traveljini.com [Ps] Ltd., ICICI ePayment Ltd., Cafe Network Ltd., ICICI Prudential Life Insurance Comp. Limited, Bilijunction Payment Ltd., ICICI Eco-Net Limited.

- ICICI has picked up 24 lakh shares of city-based Lanco Industries at par, through conversion of portion of its loan to the company.

- ICICI Infotech Services limited the IT subsidiary of ICICI limited has acquired 100 per cent of equity of Ajax Software Solutions limited for a consideration of Rs 18.14 crore.

- ICICI is launching the fifth tranche of its safety Bonds on 5th December.

- ICICI will come out with a Rs 250-crore issue of unsecured redeemable bonds with a green-shoe option of Rs 250 crore.

- ICICI limited is entering the market with the fifth tranche of its `safety bonds'.

- ICICI Prudential kickstarted its Life Insurance foray by launching seven endowment schemes for under privileged children.

- ICICIDirect.com, the online broking arm of ICICI, launched a mutual fund online plaza. The first such online service has tied up with Prudential ICICI Mutual Fund.

- ICICI launched a mutual fund plaza enabling investors to purchase, redeem, switch systematic investment & withdrawal plans. Launched through its online trading site Icicidirect.com, the portal would initially offer online trade in schemes of Prudential ICICI Mutual fund and will add other funds in due course.

- ICIIC Prudential Life Insurance Company, the joint venture between ICICI & Prudential plc of UK, launched its operations in Delhi with a set of five products.

- ICICI Group continued strong growth in retail business was driven by its customer-centric strategies. This was reflected in a rapid growth in customer base & retail portfolio. Insurance Regulatory and Development Authority [IRDAs] approved the commencement of life insurance business of ICICI Prudential Life Insurance Comp. on November 24, 2000.

2001

- ICRA has assigned an LAAA [SOs] rating to the primary units issue of ICICI CBO fund-1, sponsored by ICICI Ltd.

- ICICI has decided to merge the management of ICICI EcoNet the holding company set up to run non-core internet investments with ICICI Venture Funds Management Company.

- Mr. Ajit Kumar & Mr. G. Krishnamurthy have resigned as directors of the company. Mr. P.G. Mankad, & Mr. G.N. Bajpai, have been appointed as directors from January 25.

- ICICI limited & Indian Unit of Citibank have entered into a five-year interest rate swap benchmarked to government bond yields.

- ICICI limited has come out with another public issue of `ICICI Safety Bonds -- March 2001: Unsecured redeemable bonds in the nature of debentures aggregating Rs 400 crore with a green-shoe option of another Rs 400 crore.

- ICICI is making the public issue of seventh tranche of its Safety Bonds.

- ICICI has signed a Memorandum of Understanding with the Government of Sharjah Free Zone Authorities for promoting trade & investment flows into Sharjah free trade zones, & for providing IT-enabled and banking services in the region.

- ICICI limited has re-appointed Mr. K.V. Kamath as Managing Director and CEO for a further five years from May 1.

- ICICI Knowledge Park, which has been funded by ICICI to the tune Rs 29 crore for setting up infrastructure facilities on a sprawling 200- acre land in Turkapally near Hyderabad, has tied up with three knowledge network partners -- Indian Institute of Chemical Technology, Center for Cellular & Molecular Biology, & Central University of Hyderabad.

- ICICI Lombard General Insurance Comp. has received an 'in-principle approval' from the Reserve Bank of India [RBIs] on July 6 to foray into general insurance services pending final clearance from the Insurance Regulatory & Development Authority [Irdas]. ICICI Lombard has already received 'R1' clearance from Irda & was told in February to file an 'R2' application after getting a clearance certificate from the RBI. - ICICI Ltd transacts a five year interest rate swap for Rs 25 crore with a state owned bank

- Lalita Gupte, joint managing director, ICICI, has been asked to take over the responsibility of group international business.

- ICICIdirect, a fully owned subsidiary of ICICI Ltd, has received `web seal' a seal of assurance from global advisory & audit firm KPMG, for delivering transparent & quality services.This is the first time that an Asian Comp. has received the seal of assurance for controlled conscious business operations.

- ICICIdirect.com, investment products marketing arm of ICICI, announced on August 16 the launch of `Cash on Spot' facility for its customers to provide instant liquidity.

- With online business-to-business [B2Bs] sales gradually picking up, ICICI Ltd is launching online escrow services [OESs] to facilitate effective, efficient & fraud-free transactions between buyers and sellers of merchandise. ICICI is the first financial intermediary to launch this B2B model of transactions.

- ICRA has reaffirmed the LAAA rating, indicating highest safety to the long term bond issues of ICICI.

- : ICICI ltd has picked up 15::34 percent stake in Jaiprakash Hydro power ltd. for Rs 75 crore & plans to invest 60 crores to hike its stake to about 28% in JHPL. - Reva Electric Car Co [Pvts] Ltd, maker of country first electric car, has entered into an agreement with ICICI to facilitate the purchase of Reva.

- The Reliance group has paid off Rs 1,400 crore to ICICI. The pre payment transaction was completed only a few days ago.

- ICICI Equity Fund has picked up close to 28 per cent stake in Mars Restaurants.

- In a loan reschedulement exercise, ICICI Ltd has converted part of its exposure to the Chennai-based Balaji Distilleries Ltd into equity.

- Lalita Gupte, joint managing director, ICICI, has been asked to take over the responsibility of group international business.

- ICICI-Kinfra, the joint venture between ICICI Ltd & the Kerala Industrial Infrastructure Development Corporation [Kinfras], has conceived projects worth Rs 2,000 crore spread over the next five years.

- ICICI is making the fourth public issue of its Safety Bonds for an aggregate amount of Rs 400 crore. The issue opens for subscription on November 23, & will close on December 3, 2001.

2002

- Maharashtra Polybutenes Ltd has informed that ICICI limited has sold 11,40,000 equity shares acquired on conversion of loans, at the rate of Rs.10/- per share on January 08, 2002 to the promoters & associates under a buyback arrangement on a Spot Delivery basis.

- ICICI India has hired consulting majors, Miebach & Arthur Andesen, to evolve an efficient logistics & distribution management system respectively for its paint businesses in India.

- ICICI Ltd has informed that Mr G N Bajpai, Chairman, LIC has resigned from its board.

- Board of directors of ICICI & ICICI Bank in separate meeting at Mumbai, approved the merger of ICICI with ICICI Bank. The merger of two wholly-owned subsidiaries of ICICI, ICICI Personal Financial Services and ICICI Capital Services, with ICICI Bank was also approved by the respective Boards. The high courts of Mumbai & Gujarat, & the Government of India [GOIs] as may be required. Consequently, the appointed date of merger is proposed to be March 31, 2002, or the date from which RBI approval becomes effective, whichever is later.

-The scheme of amalgamation envisages a share exchange ratio of one domestic equity share of ICICI Bank for two domestic equity shares of ICICI. As each American Depositary Share [ADSs] of ICICI represents five domestic equity shares while each ADS of ICICI Bank represents two domestic equity shares, the ADS holders of ICICI would be issued five ADS of ICICI Bank in exchange for four ADS of ICICI.

-ICICI Bank Ltd has informed BSE that pursuant to the rights entrusted under the articles of association of Bank, the Government of India has nominated Mr D C Gupta, Secretary [Financial sectors] as the Government nominee on the Board of Bank in place of Mr S K Purkayastha with immediate effect.

-ICICI Home Utsav kicks off at Thiruvananthapuram