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ICICI Bank eyes expansion, raises Rs 3,000 crore from overseas markets

PTI     September 12, 2014

ICICI Bank has raised around Rs 3,000 crore (US $500 million) from overseas markets by selling its bonds to fund foreign expansion plans.

The bank, acting through its Dubai branch, floated 5.5 year fixed rate notes under Rule 144A/Reg S format, ICICI Bank said in a statement.

The 144A/Reg S status allows the bond to be sold to qualified institutional buyers in the United States without the need to register the issue with the US Securities and Exchange Commission.

"The notes carry a coupon of 3.50 per cent and were offered at an issue price of 99.653," it said.

In 2013, the private sector lender had raised US $750 million in a 5.5-year overseas bond sale at a coupon of 4.80 per cent.

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