OFFER DOCUMENT

Prudential ICICI Mutual Fund
CONSTITUTION OF THE MUTUAL FUND
ICICI Mutual Fund, which has been renamed as Prudential ICICI Mutual Fund (“the Mutual Fund” or “the Fund”) has been
constituted as a Trust in accordance with the provisions of the Indian Trusts Act, 1882 (2 of 1882). The Mutual Fund was
registered with SEBI on October 13, 1993.
ICICI Mutual Fund was established by ICICI, by execution of a Trust Deed dated August 25, 1993. Prudential plc, through its
wholly owned subsidiary, Prudential Corporation Holdings Limited, has contributed an amount of Rs.12.2 lacs to the corpus of
the Fund and has received permission for such contribution from the RBI vide letter No: CO.FID(I)4940/10/I.07.02.200(221)97-
98 dated April 25, 1998. SEBI has approved the change in name of the Fund to Prudential ICICI Mutual Fund vide its letter
IIMARP / 88 / 98 dated April 16, 1998. A deed of amendment to the Trust Deed dated August 25, 1993 was executed and
registered.
a) Sponsors
Prudential plc (formerly known as Prudential Corporation plc)
Prudential plc is a leading international financial services group providing retail financial products and services and fund
management to many millions of customers worldwide. As a group Prudential plc has, as of 31 December 2002, over GBP155
billion of funds under management, more than 12 million customers and over 15,000 employees, worldwide.
Given below is a brief summary of Prudential’s financials:
Year ended December 31 (Rs. crores)
Description 2003 2002 2001 2000
(Half year ended (Year ended (Year ended (Year ended
June 30) December 31) December 31) December 31)
Unaudited
Total Income 130,085 253,033 188,748 133,124
Profit Before Tax 1,435 3,562 2,833 6,968
Profit After Tax 1,023 3,304 2,862 4,878
Shareholders’ Funds 26,981 26,988 29,063 29,578
Earnings per share (Rs.) 4.64 11.63 17.14 22.22
Equity Capital (5 Pence per share) 736 736 736 728
Free Reserves 26,245 26,252 28,327 28,850
Net-worth 26,981 26,988 29,063 29,578
Book Value per share (Rs.) 134.91 134.94 145.32 149.38
Percentage of dividend per share 106% 520% 508% 490%
Dividend per share (in Pence) 5.3P 26.00P 25.4P 24.5P
(Interim)
ICICI Bank Limited
Securities and Exchange Board of India, vide its letter no. MFD/PM/567/02 dated June 4, 2002, has accorded its approval in
recognizing ICICI Bank Ltd. as a co-sponsor consequent to the merger of ICICI Ltd. with ICICI Bank Ltd.
ICICI Bank is India’s second largest bank with an asset base of Rs. 106,812 crore. ICICI Bank provides a broad spectrum of
financial services to individuals and companies. This includes mortgages, car and personal loans, credit and debit cards, corporate
and agricultural finance. The Bank services a growing customer base of more than 7 million customers and 6 million bondholder
accounts through a multi-channel access network. This includes about 450 branches and extension counters, 1675 ATMs, call
centres and Internet banking (Source: Press Release dated May 23, 2003 at www.icicibank.com). ICICI Bank posted a net profit
of Rs.1, 206 crore for the year ended March 31, 2003. ICICI Bank is the only Indian company to be rated above the country rating
by the international rating agency Moody’s and the only Indian company to be awarded an investment grade international credit
rating. The Bank enjoys the highest AAA (or equivalent) rating from all leading Indian rating agencies.
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was originally a wholly-owned
subsidiary of ICICI.
12