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THE LAUNCH of a $275m sale for ICICI and the start of pre-marketing for a potential GDR sale from MTNL this week herald one of India's sporadic appearances on the international equity capital markets.

Merrill Lynch and Morgan Stanley launched ICICI's ADR sale earlier this week. The deal which has a $50m greenshoe will also mark the end of the bank's GDR listing.

Existing GDRs will be convertible to ADRs on a one-for-one ratio.