ICICI Bank has raised Rs 945 crore by issuing Basel III compliant bonds on private placement basis. The bank has allotted 9,450 Basel III compliant unsecured subordinated tier 2 bonds in the nature of debentures. The bonds were allotted on February 17, 2020.
The bonds are redeemable at the end of 10 years and there is an issuer call option on or after the 5th anniversary from the date of allotment. The bonds are eligible for inclusion as tier 2 capital of the bank and have the rights, privileges and features customary for such tier 2 issuances. The bonds carry a coupon of 7.10 per cent per annum payable annually and were issued at par.
ICICI Bank is India’s largest private sector bank by consolidated assets. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms.
