ICICI Bank, the country's largest private sector bank, is planning to borrow $1.5 billion, the largest loan raised by an Indian bank overseas. | |
| "We have made enquiries with various banks. Nothing has been finalised. Details will be available by next week,'' said Vishakha Mulye, chief financial officer, ICICI Bank and group. |
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| The proposed issue will double this year yen-dominated issue, which was also the largest by an Indian bank. The bank raised over Rs 20,000 crore through a follow-on public offer and American Depository Receipts (ADRs) issue. |
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| "The loan will be used for growth both in India and abroad. We have to decide on the timing, tenor of the loan and the banks (from which the money would be raised),'' added Mulye. |
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| The bank raised ¤500 million in March 2007 and a yen-denominated loan of 1 billion in December 2006 to meet its lending requirements. |
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| Bank of Tokyo-Mitsubishi UFJ, HSBC Holdings and Standard Chartered had participated in the yen issue.This was the largest syndicated loan where 26 banks participated. |
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| The money was raised in three tranches. In May, the bank had raised £350 million through a medium term note (MTN). |
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| The bank plans to grow its loan book by 30 per cent in 2007-08. The amount ICICI Bank is planning to borrow is double the syndicated borrowings of Indian banks in 2007. Besides, ICICI Bank has also raised $4 billion through sale of bonds in 2007. |
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