ICICI had dropped its plans for an American Depository Receipt (ADR) in favour of a GDR. ICICI already has one GDR issue and it is listed on SEAQ International in London. The company will eventually issue ADRs too, said Lalita D Gupte, joint managing director and chief operating officer of ICICI while launching the company's personal finance services (PFS) here on Saturday.

ICICI which launched its personal finance services (PFS) recently is looking at a PFS portfolio of Rs 1000 crore by the end of the year, Gupte said. The car loans have seen sanctions to the tune of Rs 25 crore while home loans sanctions have crossed Rs 8 crore so far despite the fact that the schemes have been launched only in metros and a few select cities. Another 20 centres are to be covered by the end ofthe year.

When asked about the borrowing programme for achieving the target for PFS, Gupte said that the company had sufficient capital to ensure adequate leveraging for achieving the targeted growth. In case the company decides to raise equity, it would opt for GDR over ADR as ICICI is already in the GDR market.

The company, Gupte said, is using direct marketing agents (DMAs) to distribute its products in order to provide customers service at their doorstep. It has appointed Integrated Enterprises, which has 102 branches in 52 cities, as its DMA. Currently two products are offered viz. car and home loans.