ICICI Bank raises $500 million from overseas markets

Last year, the bank had raised $750 million

ICICI Bank has raised $500 million (about Rs 3,000 crore) from overseas markets by selling its bonds to fund foreign expansion plans.

The bank, acting through its Dubai branch, floated 5.5 year fixed rate notes under Rule 144A/Reg S format, ICICI Bank said in a statement.

The 144A/Reg S status allows the bond to be sold to qualified institutional buyers in the US without the need to register the issue with the US Securities and Exchange Commission.

"The notes carry a coupon of 3.50% and were offered at an issue price of 99.653," it said.

Last year, ICICI Bank had raised $750 million in a 5.5-year overseas bond sale at a coupon of 4.80%.