ICICI Bank to raise at least Rs 500 cr in bonds for infra lending

The deal could be expanded via a greenshoe option, say sources

ICICI Bank is expected to raise at least Rs 500 crore ($83.24 million) via 10-year bonds intended towards infrastructure lending at a semi-annual coupon of 9.15%, two sources said on Friday.

 

The deal could be expanded via a greenshoe option, the two sources said.

 

The bond sale comes on the heels of the Reserve Bank of India's announcement last week allowing bonds sold by lenders to be exempt from mandatory reserve requirements if the proceeds are lent to the infrastructure sector.