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ICICI Bank raises Rs475 crore via bonds

LiveMint logoLiveMint 04-10-2017 PTI

New Delhi: The country’s second largest lender ICICI Bank on Wednesday said it has allotted Basel III compliant bonds worth Rs475 crore on private placement basis.

“The committee of the executive directors of the bank...today approved allotment of 4,750 Basel III compliant unsecured subordinated perpetual additional tier I bonds aggregating Rs4.75 billion on private placement basis,” the bank said in a regulatory filing.

The allotment was done today, it added. The bonds will carry a coupon rate of 8.55% per annum.

ICICI Bank said the bonds will be listed on wholesale debt market segment of BSE and NSE. The bonds are rated AA+ by CARE and ICRA.

Indian banking system has been implementing Basel III standards in phases since 1 April 2013. The banks are expected to fully implement these norms by March 2019. These norms are being implemented to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks.

Stock of ICICI Bank on Wednesday closed 0.88% down at Rs276 on BSE.

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