ICICI bank to raise JPY 50 billion or $500 million from Tokyo: Report

ICICI Bank is reportedly planning to raise JPY 50 billion or $500 million from Tokyo, marking the first pro bond issue by any Indian company in the Japanese market, which would mean that only professionals can subscribe to it and no retail participation will be allowed.

The bond, which is rated BBB- by S&P and Baa2 by Moody's, could enter the market as early as first week of August and will be issued in tranches. While, the first tranche could amount as much as JPY 10 billion, the amount for rest of the tranches will depend upon investors' appetite.

The bank has already completed its road show on July 8 in Tokyo and has made all the necessary arrangements to list the bond on Tokyo stock exchange. The lead bankers to this issue are Barclays and Mizuho Securities.