The case discusses the choices relating to seasoned equity issuance for ICICI Bank, one of India's largest banking and financial services conglomerates, in mid 2007 shortly before the global financial crisis begins to unfold. In this context, the case raises issues about the size and timing of equity issuance. It also highlights reliance on external finance for large rapidly growing companies in emerging markets. The bank which operates in 17 countries and is listed in India and the United States also needs to decide whether part of the new equity should be raised in foreign equity markets.