MUMBAI, July 10: The ICICI Banking Corporation has adopted the novel method of giving the investors the option of receiving allotments through the internet. This move perhaps for the first time will be for its Rs 147-crore public issue which is slated to opens for subscription on August 5. Earlier, some banks like Bank of India and Bank of Baroda offered investors the option to download application forms from the internet. But, ICICI Bank goes one step further to even make the allotments through the internet.

"What is unique about the issue is that the allotment details would be offered on the net itself," said Mohan Shenoi, vice president resource and planning of ICICI Banking Corporation.

The bank has also approached the National Securities Depository Ltd to allow investors to receive allotment of shares in a dematerialised form.

It has been decided to allocate about 50 per cent of the 4.12 lakh equity shares to the individual applicants who have applied for 1,000 or less equity shares.

The balance will be made available to the institutions, corporate bodies and individual investors who have applied for more than 1000 shares.

The objective is to get more retail customers for the offer made by ICICI to reduce its stake in ICICI bank to 74.24 per cent.

Earlier, ICICI had made a preferential allotment of about 16.5 crore shares worth Rs 12.47 crores (which is about 0.76 per cent of ICICI's holding) to about 1,668 employees of the group companies or affiliates at the above mentioned price. The offer document also highlights the fact the investor has the option to choose between dematerialised and physical shares.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.