ICICI Bank mops up $2bn via overseas bonds

ICICI Bank mops up $2bn via overseas bonds

BS REPORTER / Mumbai January 10, 2007

ICICI Bank today raised a record $2 billion of dollar-denominatd debt from overseas markets to fund loans growth in the country and also global expansion.

It raised the funds through floating-rate bonds of $500 million maturing in 2010, $750 million fixed-rate notes maturing in 2012 and $750 million fixed-to-floating rate bonds due in 2022.

With this fund raising, ICICI Bank has raised about $4 billion (close to Rs 20,000 crore) of debt, including Tier 1 and Tier 2 capital, in the current financial year.

Vishakha Mulye, group chief financial officer at ICICI Bank, said $1.25 billion would be used for the bank