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Third tranche of ICICI bonds to open on August 27

After the success of two tranche of bonds under its umbrella prospectus, the Industrial Credit and Investment Corporation of India is now offering the third tranche of bonds under the series ICICI Safety Bonds August 1998.

ICICI is offering for public subscription, unsecured redeemable bonds in the nature of debentures aggregating Rs 3 billion with a right to retain oversubscription of upto Rs 3 billion. The issue will open for subscription on August 27 and will remain open till September 10, according to a statement.

The Securities and Exchange Board of India has permitted ICICI to raise upto Rs 30 billion in tranches over a 365-day period under the umbrella prospectus.

In the first tranche, ICICI raised Rs 4.22 billion in April 1998. In the second tranche which closed for subscription in July 1998, ICICI raised Rs 5.04 billion and received excellent response from the household investors.

ICICI Safety Bonds August '98 offer four options - Encash Bond, Tax Saving Bond, Money Multiplier Bond (in the nature of deep discount bond) and Regular Income Bond.

UNI