ICICI Bank Ltd.

ICICI Bank is likely to raise around Rs 500 crore ($83.24 million) via 10-year bonds intended towards infrastructure lending at a semi-annual coupon of 9.15%. The deal could be expanded via a greenshoe option.

The bond sale comes on the heels of the Reserve Bank of India’s announcement last week allowing bonds sold by lenders to be exempt from mandatory reserve requirements if the proceeds are lent to the infrastructure sector.

ICICI Bank is an Indian multinational banking and financial services company headquartered in Mumbai. As of 2014 it is the second largest bank in India in terms of assets and market capitalization.