ICICI Bank 2003 Annual Report Download - page 132

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F68
Continued
notes to the consolidated financial statements
(Rs. in millions)
Assets
Cash and cash equivalents 53,183
Investments 113,725
Loans 39,102
Property and equipment 2,609
Intangible assets 5,470
Other assets 11,093
Total assets acquired 225,182
Liabilities
Deposits 176,018
Borrowings 16,174
Other liabilities 19,745
Total liabilities assumed 211,937
Net tangible and intangible assets 13,245
Goodwill 819
Total 14,064
The goodwill recognized above is not deductible for tax purposes.
The intangible assets relate to customer and deposit relationships and would be amortized over a period of 10 years.
Consequent to the acquisition, the 46% ownership interest held by the Company in the acquiree was recorded as
treasury stock at its historical carrying value. In September 2002, the treasury stock was sold to institutional investors
for Rs. 13,154 million. The difference between the sale proceeds and the carrying value, net of related tax effects
of Rs. 599 million, was recognized in the statement of stockholders equity as a capital transaction.
Step-acquisition of Tricolour Infotech Services Limited
In September 2002, the Company acquired the remaining 50% ownership interest in Tricolor Infotech International
Inc., Mauritius for a cash consideration of Rs. 110million. The total purchase price has been allocated to the
acquired assets and assumed liabilities based on management estimates as follows:
(Rs. in millions)
Net tangible assets 16
Marketing-related intangibles 76
Goodwill 18
Total 110
The goodwill recognized above is not deductible for tax purposes.
Acquisition of Customer Asset India Private Limited
In April 2002, the Company acquired a 100% ownership interest in Customer Asset India Private Limited, a company
engaged in the business of providing contact center services through its offshore contact center at Bangalore, for
a cash consideration aggregating Rs. 959million. The acquisition would enable the Company to enter the IT enabled
services market. The total purchase price has been allocated to the acquired assets and assumed liabilities based
on management estimates as follows:
(Rs. in millions)
Net tangible assets 177
Customer-related intangibles 165
Goodwill 617
Total 959
The goodwill recognized above is not deductible for tax purposes.