However, foreign holdings in ICICI might inch closer to the 49 per cent ceiling in case an outstanding six-year $200 million foreign currency convertible bond (FCCB) gets converted into equity in March 2000. "If all FCCB holders decide to convert their holdings into equity, this conversion will push the foreign equity shareholding to 46.50 per cent --still well within the 49 per cent levels," ICICI's joint general manager Madhabi Puri Buch said. However, the FCCB is unlikely to be converted into equity as the strike rate is pegged at Rs 220 per share, at a pre-determined rupee-dollar exchange rate of Rs 33.31 to a dollar.

The finance ministry had earlier directed ICICI to cap its total foreign equity shareholding at 49 per cent as a pre-condition for approving its proposed $315 million international equity offering.

After the preferential, domestic equity and ADR issues, ICICI's paid-up capital has shot up to Rs 785 crore from Rs 514 crore. The institution's authorised capital is pegged at Rs 1,600 crore.

The total foreign shareholding in the term-lending institution, which was 34.90 per cent prior to the latest round of equity infusion totalling about Rs 2,165 crore, came down to around 28.93 per cent after the domestic offerings in the form of a preferential issue and a public issue. The foreign equity shareholding comprises GDR/ADR holding, NRI, OCB and FII holdings.

After the global float, the overseas holding have shot up to 44.60 per cent. The ICICI scrip closed on the Bombay Stock Exchange at Rs 93.20 on Thursday.

With the completion of the ADR issue, the term-lending institution has completed its Rs 2,165 crore capital raising programme in the current fiscal. On September 9, ICICI raised Rs 499.99 crore worth of capital through a preferential allotment of shares to its three principal domestic institutional shareholders--Life Insurance Corporation, General Insurance Corporation and Unit Trust of India. Subsequently, it raised about Rs 300 crore from the domestic capital market through an equity issue.

Subsequent to the listing of the ADR issue on the NYSE, the existing GDR holders of ICICI are expected to convert their GDRs into ADRs as the NYSE offers higher liquidity and greater depth than the London Stock Exchange, sources said.