ICICI Bank raises $1bn from 26 banks

ICICI Bank signed a $1 billion yen-equivalent syndication loan agreement in Geneva yesterday.

According to a release issued by the bank to the BSE today, the facility is split into three tranches: $350 million, 364-day tranche (tranche A), $450 million two-year tranche (tranche B) and $200 million three-year tranche (tranche C).

"A total of 26 banks participated in the syndication facility - the widest participation for any Indian bank syndication in the international markets. The bank concluded the transaction in a record time of one month from the date the mandate was awarded," the release added.

Chanda Kochhar, deputy managing director of the bank, said: "The $1 billion syndication is a benchmark deal as the facility marks the largest syndicated loan for an Indian bank borrower. We are delighted with the widespread interest the deal has generated from leading banks across the globe. It is heartening to see a number of new players participating in the deal."