New Delhi, Aug 30 :     ICICI is planning to offer its global depository receipt (GDR) holders the option to exchange their GDRs for American depository receipts (ADRs) after which it will be delisted from the London Stock Exchange. The financial institution is planning an international equity offering up to $ 315 million through the ADR route after which the GDR holders will be offered the option to switch over to ADRs. ?This will enable the institution to increase its float in the international market,? said Kalpana Morparia, senior general manager of ICICI. The ADR issue is expected to hit the market some time in October. The pricing of the ADRs will be determined on the basis of a book-building process and it will be listed on the New York Stock Exchange. ICICI today announced its public issue of 3.77 crore equity shares of Rs 10 each at a premium of Rs 63 per share aggregating Rs 275.21 crore. It will retain the right to retain oversubscription of Rs 275.21 crore. The issue will open on September 9 and close on September 14. Speaking on the future of the FI for the next few years, K.V. Kamath, managing director and chief executive officer, said, ?We see disbursements to be fairly divided between structural finance, infrastructure and retailing business.? He said funding usually happens in cycles. In the first cycle, the institution had funded the telecom sector. In the next cycle it could be ports and roads and in early part of the next millennium, the manufacturing sector could be funded heavily.