Mascon to buy back 5% ICICI Bank stake

Mascon Global has signed a letter of offer on December 31, 2007 to purchase 5.01% equity stake of the company from ICICI Bank.

According to a release issued by Mascon to the BSE today, the deal was signed upon receipt of a letter of offer on December 31 from ICICI Bank.

K Chandra, executive chairman & CEO, Mascon Global, signed the deal, the release added.

According to data available on the BSE website, ICICI Bank held 162,86,644 shares constituting 5.22% of the equity shares of Mascon Global at the end of September 30, 2007. The company's total shares outstanding is 3121,05,407.