The institution is also planning a simultaneous private placement with its three principal promoters -- UTI, LIC and GIC -- in September. Together, the domestic and ADR issues will raise about $500 million (a little more than Rs 2000 crore). "Nothing is finalised yet. We have to consult with our merchant bankers and shareholders about the size of the issues," Kamath said adding that there was nodifference of opinion between ICICI and its three promoters on the price at which the shares will be privately placed.

The three institutions collectively hold about 33 per cent in ICICI following the conversion of a 10-year fully convertible debenture this month. The transaction between ICICI and the institutions will take place after the term-lending institution gets shareholders' approval for the board resolution at its forthcoming annual general meeting slated for July 30.

Kamath said that both equity issues were a proactive move by ICICI to further strengthen its capital base in order to sustain accelerated growth and to capitalise on market opportunities.

On the growing speculation that the UK-based Prudential will pick up a 10 per cent stake in ICICI, Kamath refused to make any comments. Market sources, however, said that the insurance major has completed its "due diligence" and was set to pick up a 10 per cent stake to become a strategic partner.