ICICI Bank raises Rs 2,827 crore by issuing bonds on pvt placement basis

Private sector lender ICICI Bank has raised more than Rs 2,827 crore by issuing bonds on private placement basis.

The bonds carry a coupon rate of 6.45 per cent per annum payable annually and were issued at par. There are no special rights or privileges attached to them.

The allotment date is June 15 and redemption date is June 15, 2028. The bonds will be listed in relevant segment of the National Stock Exchange (NSE) of India.

On April 24, the bank's board of directors had approved the fund-raising through the issuance of debt securities.

"Pursuant to the same, the bank has allotted 28,274 senior unsecured redeemable long-term bonds in the nature of debentures aggregating to Rs 2,827.40 crore on a private placement basis," said the lender in regulatory filings at stock exchanges.

The bonds are rated 'CARE AAA stable' and 'ICRA AAA stable.'

Indian banks have been raising capital to insulate themselves from a surge of bad loans as the novel coronavirus pandemic continues to batter the economy.