ICICI Bank sets up USD 100 mn venture capital fund | delhi | Hindustan Times
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ICICI Bank sets up USD 100 mn venture capital fund

The country's largest private sector lender, ICICI Bank, yesteray said it has set up a USD 100 million (about Rs 460 crore) dedicated venture capital fund for small and medium enterprises (SMEs) and mid-market companies.

delhi Updated: Jun 11, 2010 00:23 IST

The country's largest private sector lender, ICICI Bank, yesteray said it has set up a USD 100 million (about Rs 460 crore) dedicated venture capital fund for small and medium enterprises (SMEs) and mid-market companies.

The "Emerging India Fund" is an ICICI group initiative to provide growth capital to Indian companies in the SME and mid-market segment, an ICICI Bank spokesperson said.

This is a USD 100 million fund to be managed by ICICI Investment Management Company Limited (IIMCL), a wholly owned subsidiary of ICICI Bank. The fund, the spokesperson said, has already received firm commitments from several reputed institutions and the first closure of the fund is likely to happen in the next few weeks for USD 50 million.

The fund is registered with SEBI as a domestic venture capital fund, spokesperson added. Meanwhile, ICICI Bank has proposed to acquire Bank of Rajasthan through a share-swap in a non-cash deal that values BoR at about Rs 3,000 crore.

The merger would be through offering 25 shares of ICICI for every 118 shares of BoR. Following the merger, the total business of ICICI Bank will cross Rs 4 lakh crore and its branch network will increase by 25 per cent. BoR has 463 branches and amalgamation would push up the number of ICICI Bank branches to about 2,500.