Recent experimental data on ½¾ I has revealed several interesting structural features. These include the observation of a three quasiparticle band, prolate and oblate deformed bands, signature inversion in the yrast positive-parity band and identification of the unfavoured ½½ ¾ band showing very large signature splitting. In the present work, particle-rotor-model calculations have been performed for the ½½ ¾ band, using an axially symmetric deformed Nilsson potential. The calculations reproduce the experimental results well and predict a moderate prolate quadrupole deformation of about 0.2 for the band.