ICICI Bank raises $750 mn through bonds

ICICI Bank on Thursday announced that it has raised $750 million (Rs. 4,150 crore) by way of an issue of bonds in the international market.

ICICI Bank on Thursday announced that it has raised $750 million (Rs. 4,150 crore) by way of an issue of bonds in the international market.

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The 5.5 year fixed rate notes carry a coupon rate of 4.7% and 312 investors had subscribed to the issue.

"The offering had an order book of $5.7 billion with interest from over 312 investors," said the bank in a statement.

The total value of subscription of $5.7 billion reflects over subscription of 7.6 times.

ICICI Bank last raised $1 billion by way of a bond sale in May 2011 through a 5.5-year fixed rate note with a coupon of 4.75%.

Bank of America Merrill Lynch, Citigroup Inc, HSBC, JP Morgan Chase and Standard Chartered bank are leading the underwriting.

Last month, SBI raised $1.25 billion (around Rs. 7,000 crore) through the issue of five-year overseas bonds at a coupon of 4.125%. Around 350 investors participated in the issue, which was subscribed 5.4 times.

Exim Bank also raised $500 million from overseas investors at a coupon of 4% last month.

Syndicate Bank, Indian Overseas Bank (IOB) and Allahabad Bank are planning to raise $500 million (around Rs. 2,800 crore) through overseas bonds.