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Stone India + ICICI Bank

September 28, 2007

Stone India has executed a technical collaboration agreement with SMA Technologie AG, Germany for manufacturing of 180 KVA auxiliary power converter for Indian Railways.
This high value product will be manufactured in the new upcoming facility in Nalagarh, Himachal Pradesh.

ICICI Bank’s Bahrain branch has raised $2 billion through a 5-year fixed rate note. The notes have been priced at 237 basis points (bps) over US Libor or at Libor plus 172 bps. The six-month Libor is currently at 5.14%. From an investor breakdown perspective, 32% of the notes were sold to banks, 53% to fund managers and 15% to pension funds and retail. The issue had an order book of $6.05 billion and received interest from 250 investors. Reportedly, this is the first major issuance by an Asian bank, post-subprime crisis.

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