ICICI Bank to raise $1.5bn

ICICI Bank is planning to borrow $1.5 billion, the largest loan raised by an Indian bank, from banks overseas.

"We have made enquiries with various banks. Nothing has been finalised yet. Details will be finalised next week,'' Vishakha Mulye, chief financial officer, ICICI Group said. The proposed issue will be double the yen issue earlier this year, which was also the largest by an Indian bank.

The bank has just raised over Rs 20,000 crore through a follow-on public offer and and American depository receipt (ADR) issue. "Equity gets leveraged for loans. This will be a loan that will be used for growth - both in India and abroad. We have to decide on the timing, tenure and the banks (from which the money would be raised),'' Mulye said.