ICICI Bank raises $340 mn from overseas mkts

ICICI Bank today said it has raised $ 340 million from Tier-I hybrid bonds in overseas markets.

The 10-year perpetual non-cumulative subordinated debt securities, carrying a coupon rate of 7.25% evoked 'strong' response from investors and received orders worth $3.60 billion.

The bank said 37% of the securities were sold into the US market, 30% in Asia and 33% in Europe.

The 10-year paper will be listed on the Singapore Stock Exchange. The successful completion of bond auction would augument the Credit Adequecy Ratio of the bank by 0.8%. The CAR of the bank stood at 12.46% in June, a senior official of bank said.

The securities carry a coupon rate of 7.25% and have been priced at a spread of 194 basis points over LIBOR. The offering was lead-managed by J P Morgan, Merrill Lynch International and Morgan Stanley.

ICICI Bank is India's largest private sector bank and the second largest in the country overall with assets of
Rs 2,662.65 billion as on June 30, 2006.