ICICI bank raises ₹2,827cr by bonds

ICICI Bank said on Tuesday that it raised ₹2,827 crore by issuing bonds on a private placement basis. This comes after the lender board of directors approved fundraising through issuance of debt securities in April.

“Pursuant to the same, the bank has designated 28,274 senior unsecured redeemable long term bonds in the idea of debentures aggregating to ₹2,827.40 crore on a private placement basis,” ICICI Bank said in an regulatory filing.

While the distribution date is June 15, the recovery date of the bonds in June 15, 2028, the loan specialist said. “There are no unique rights/privileges connected to the bonds. The bonds carry a coupon of 6.45 percent per annum payable every year and were given at standard,” it added.

The bonds will be listed in the relevant segment, said ICICI Bank. Credit Analysis and Research rated the bonds ‘CARE AAA stable’ and ICRA rated them ‘ICRA AAA stable’. ICICI Bank’s offers on Tuesday shut 1.57 percent down at ₹645.05 apiece on the BSE.