MUMBAI, Dec 18: ICICI is targeting a growth rate of 20 per cent in its disbursements and sanctions in the next fiscal, K V Kamath, managing director and CEO of the development financial institution said.

Kamath said the FI would raise about Rs 6,000 crore in the coming months as public issue of bonds. ``We have already asked the Securities and Exchange Board of India (SEBI), to give its permission for an `on tap' issue of bonds,'' he said.

Two ICICI schemes to raise Rs 550 crore, which opened on December 1, will remain open for subscription till December 23. The bonds have been rated `Triple A' by all the three credit rating agencies.

In the Monthly Income Bonds, the ICICI is offering a rate of interest of 12 per cent vis-a-vis similar plans offered by other institutions which have offered an interest in the range of 11.5 per cent, and 11.75 per cent in their monthly schemes.In the Regular Income (yearly), ICICI is offering the highest rate of interest at 12.75 per cent, as compared to 11.5 per cent and 12.40 per cent offered by other financial institutions.

Kamath said the disbursement target of ICICI generally increased by 20 per cent each year, and the funds requirement was mainly met from the retail and wholesale markets in the proportion of 15:85.

In the current fiscal, ICICI has already mobilised Rs 10,000 crore, and a public issue amounting to Rs 550 crore is currently on offer.The Rs 550 crore issue would be in addition to Rs 2000 crore to be mobilised by the financial institution from the wholesale market this year.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.