ICICI Bank repurchases bonds worth $90 million

India’s largest private sector lender ICICI Bank has repurchased and extinguished bonds worth $90 million. The bonds were issued by its Bahrain branch.

It bought back bond worth $75.87 million at face value, out of the $2 billion worth of debt slated to mature in 2012. These bonds were issued in October 2007. The bonds carried a coupon rate of 6.625 per cent.

It has also bought back and extinguished bonds worth $15 million out of the $750 million worth of bonds issued on January 2007. They carry an interest rate of 5.75 per cent bonds and were also due to mature in 2012.

The repurchase was carried out through open market operations by dealers on behalf of the private sector lender. The latest round of buybacks takes the tally of ICICI bank’s overseas repurchases to $200 million in FY09. The lender had bought back overseas debt worth $175 million in FY08.

The bank has also paid off ¤600 million of floating-rate notes that matured on March 30.