Mumbai, August 12: The ICICI Bank issue has been oversubscribed by over 5.5 times. Though the exact figure is still being compiled, the offer has received over 6 lakh applications.

Both merchant bankers and issuers have been looking forward to the response for the public offer with much interest. The tremendous response to the issue, they feel, is an indication of the moribund primary market's revival.

The sheer number of applications--over 6 lakh--has taken merchant bankers by surprise. What has come as a greater surprise is the flood of applications from retail investors, especially from the smaller centres. Almost 38 per cent of the applications came from Mumbai, with Ahmedabad, Calcutta, Delhi, Vadodara, Chennai and Rajkot following closely.

The bank had earlier extended its offer period by a day. Bank officials said that refund and despatch of share certificates would be completed within 30 days.

As per Sebi's new rule, if there is a delay in the refund and despatch of certificates beyond 30 days, the issuer will have to an interest for the amount at 15 per cent till the date the refund or despatch is made.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.