ICICI Bank climbs higher after allotting debentures

ICICI Bank gained 1.3% to Rs 291.85 at 11:45 IST on BSE after the bank said that it raised Rs 2147 crore by allotting long term bonds.

The announcement was made after market hours yesterday, 27 June 2017.

Meanwhile, the S&P BSE Sensex was down 13.09 points, or 0.04%, to 30,945.16.

On the BSE, 2.54 lakh shares were traded in the counter so far, compared with average daily volume of 17.81 lakh shares in the past one quarter. The stock had hit a high of Rs 293 and a low of Rs 288.20 so far during the day. The stock had hit a 52-week high of Rs 297.73 on 1 June 2017. The stock had hit a 52-week low of Rs 209.05 on 27 June 2016.

The stock had underperformed the market over the past one month till 27 June 2017, falling 1.51% compared with 0.23% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 15.83% as against Sensex's 5.89% rise. The scrip had also outperformed the market in past one year, gaining 36.05% as against Sensex's 17.25% rise.

The large-cap private sector bank has equity capital of Rs 1282.57 crore. Face value per share is Rs 2.

ICICI Bank said that the committee of executive directors of the bank approved the allotment of 21,470 senior, unsecured redeemable long term bonds in the nature of debentures aggregating Rs 2147 crore on private placement basis, deemed date of allotment being 27 June 2017.

The notes were issued in two tranches-Rs 400 crore maturing in 7 years at a coupon of 7.42% per annum payable annually and Rs 1747 crore maturing in 10 years at a coupon of 7.47% per annum payable annually. The notes were issued at par.

On 20 June 2017, the bank had said that the committee of executive directors of the bank approved the proposal for fund raising by way of issuance of senior unsecured long term bonds in the nature of debentures in single/multiple tranches on private placement basis.

ICICI Bank's net profit jumped 188.5% to Rs 2024.64 crore on 10.8% decline in total income to Rs 16585.76 crore in Q4 March 2017 over Q4 March 2016.

ICICI Bank is one of the leading private sector banks in India.

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