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ICICI Bank raises Rs 4,000 crore through bonds to fund business growth

Private sector lender ICICI Bank on Tuesday said it has raised Rs 4,000 crore via bonds to fund business growth. The bank has allotted 4,00,000 senior unsecured redeemable long-term bonds in the nature of non-convertible debentures aggregating to Rs 4,000 crore on private placement basis and the date of allotment being October 3, 2023, ICICI Bank said in a regulatory filing. The bonds are redeemable at the end of 10 years (redemption date being October 3, 2033), it said. There are no special rights or privileges attached to the bonds, it said. The bonds carry a coupon of 7.57 per cent per annum payable annually and were issued at par, it said, adding, the bonds would be listed in the relevant segment of the NSE.

Arya.ag eyes to double profit, revenue increase by 70% to Rs 500 cr in FY24

Agri-tech platform Arya.ag is expecting to more than double its profit and grow the topline by around 70 per cent to Rs 500 crore this fiscal as it focuses more on sales along with expansion of its customer base. Arya.ag claims to be the largest and the only profitable agri-tech platform focused on foodgrain storage and sale. The Noida-based startup founded in 2013 by Prasanna Rao, Anand Chandra and Sathyanathan Devarajan and backed by funds like Lightrock, Accion Quona Capital, Asia Impact Fund and Omnivore Partners, has a revenue of Rs 298 crore, from which it earned Rs 16 crore of net income. These funds collectively own 60 per cent of the company with a combined investment of USD 65 million. The company did not offer a break-up of either their individual holding or their investment. It also has debt investors like Rabo Bank, HDFC Bank and ICICI Bank, from whom it has borrowed Rs 980 crore so far. "This year we see the numbers hitting Rs 500 crore in revenue and the net profit

ICICI Bank sees $10 bn of flows before India's entry to global bond index

As markets anticipate inclusion of the debt in other indexes, including the Bloomberg Global Aggregate, the flows could rise to $50 billion by the end of next year

Bond flows may hit $50 bn if other indexes follow: ICICI bank official

Earlier in the day, JPMorgan said it would include India in its global emerging market bond indices over 10 months starting June 2024, triggering close to $24 billion in flows.

Option Trading: Adopt Bear Spread on ICICI Bank, suggests HDFC Securities

Buy ICICI Bank 960 Put option and simultaneously Sell 940 Put of the September series, recommends Nandish Shah, Sr. derivatives & technical research analyst of HDFC Securities.

Nifty heavyweights at crossroads; HDFC, ICICI Bank look favourable on chart

HDFC Bank, Reliance Industries, ICICI Bank, Infosys and ITC collectively hold over 42 per cent weightage on the Nifty 50, and are expected to act as trend setters for the benchmark.

M-cap of nine of top-10 valued firms add Rs 1.80 trn; TCS biggest winner

The combined market valuation of nine of the top-10 most valued firms rallied by Rs 1,80,788.99 crore last week, amid an overall buoyant trend in equities, with Tata Consultancy Services (TCS) emerging as the biggest gainer. Last week, the BSE benchmark jumped 1,239.72 points or 1.86 per cent. The 30-share BSE Sensex rallied for the 11th day running on Friday. The 30-share BSE benchmark had jumped 319.63 points or 0.47 per cent to settle at a record closing of 67,838.63 on Friday. During the day, it rallied 408.23 points or 0.60 per cent to hit its fresh all-time intra-day high of 67,927.23. Hindustan Unilever Limited was the only laggard from the top-10 pack. The list of winners had Reliance Industries Limited, TCS, HDFC Bank, ICICI Bank, Infosys, ITC, State Bank of India, Bharti Airtel and Bajaj Finance. The market valuation of TCS jumped Rs 57,300.75 crore to Rs 13,17,203.61 crore. HDFC Bank added Rs 28,974.82 crore taking its market capitalisation (mcap) to Rs 12,58,989.87 ...

Stocks to Watch, Sep 12: L&T, RIL, Lupin, Hindalco, TVS Supply, Power Grid

Stocks to watch on Tuesday, September 12, 2023: From L&T raising its share buyback price, Bajaj Finance planning to enter new car loans segment, Power Grid to trade ex-bonus and more.

Lenders in talks to sell debt-laden Jaiprakash Associates loans to NARCL

Delay of over 5 years in debt resolution via IBC prompts the move

Reappointment of ICICI Bank CEO Sandeep Bakhshi gets RBI approval

Bakhshi took charge of the second largest lender on October 15, 2018. Prior to his appointment as MD & CEO, he was a Wholetime Director and the Chief Operating Officer (COO) of ICICI Bank

RBI approves re-appointment of Sandeep Bakhshi as ICICI Bank MD & CEO

ICICI Bank, in an exchange filing, said that RBI approved the re-appointment of Sandeep Bakhshi as the MD and CEO of the bank

ICICI Bank gets RBI nod to make I-Process Services wholly-owned subsidiary

ICICI Bank on Friday said it has received a green signal from the Reserve Bank to make I-Process Services (India) Private Ltd a wholly-owned subsidiary of the lender. The board of the bank had, at its meeting held on February 17-18, 2023, approved a proposal for making I-Process Services (India) Private Limited (iProcess) a wholly-owned subsidiary of the bank, subject to receipt of requisite regulatory and statutory approval. The bank has received approval from the Reserve Bank of India for making iProcess its wholly-owned subsidiary, subject to certain conditions, ICICI Bank said in a regulatory filing. The bank currently holds a 19 per cent stake in iProcess, it said. Started in 2005, I-Process Services (India) Private Ltd was set up to provide staffing solutions services for some of India's top financial institutions. With in-depth experience across recruitment, HR operations, payroll, compliance and training, I-Process can smartly negotiate market challenges and evolving socia

ICICI Securities shares gain nearly 5% as delisting bid faces test

Under the scheme, the public shareholders of ISec would be allotted 67 shares of ICICI Bank for every 100 shares of the brokerage firm

GeM plans instant financing for all sellers: CEO Prashant Kumar Singh

GeM was integrated with SAHAY to launch the GeM-SAHAY app over two years ago, to address the credit availability challenges faced by sole proprietors on GeM

NCDRC imposes Rs 25 lakh fine on ICICI Bank for losing customer's documents

The National Consumer Disputes Redressal Commission (NCDRC) has directed ICICI Bank to pay Rs 25 lakh compensation for losing the original property title documents of a complainant which were deposited with the bank for availing a housing loan. Presiding Member Subhash Chandra was hearing the complaint seeking compensation for deficiency in services. It was filed by Manoj Madhusudhanan through advocate Swetank Shantanu. According to the complaint, the bank had sanctioned a housing loan of Rs 1.86 crore in Bangalore in April 2016 and upon execution of the sale deed, it retained several original property documents, including the registered sale deed and possession certificate. It said that as no scanned or true copies were provided by the bank, Madhusudhanan filed a complaint in June 2016, following which the bank informed him that the documents had been lost in transit from Bangalore to its central storage facility in Hyderabad by a courier company. Since the bank did not resolve th

Mcap of 7 of top 10 firms falls by Rs 74,603 cr, HDFC Bank biggest laggard

The combined market valuation of seven of the top 10 valued firms declined by Rs 74,603.06 crore last week, with HDFC Bank emerging as the biggest laggard. The BSE benchmark declined 398.6 points or 0.60 per cent last week. ICICI Bank, Hindustan Unilever, Infosys and ITC saw erosion in their market valuation while Reliance Industries, Tata Consultancy Services (TCS) and State Bank of India added to their market valuation. The valuation of HDFC Bank declined by Rs 25,011 crore to Rs 12,22,392.26 crore. ICICI Bank's market valuation eroded by Rs 12,781 crore to Rs 6,66,512.90 crore and that of Bharti Airtel fell by Rs 11,096.48 crore to Rs 4,86,812.08 crore. The valuation of Hindustan Unilever tanked Rs 10,396.94 crore to Rs 5,87,902.98 crore and that of ITC skidded by Rs 7,726.3 crore to Rs 5,59,159.71 crore. The market capitalisation (mcap) of Bajaj Finance declined by Rs 4,935.21 crore to Rs 4,27,996.97 crore and that of Infosys dipped Rs 2,656.13 crore to Rs 5,69,406.39 ...

Car loan review: Know about rates, processing fees by over 15 lenders

Our table tells you what the market has to offer in terms of monthly installments

Credit extended to Videocon caused loss of Rs 1,000 cr to ICICI Bank

The credit facilities sanctioned by the ICICI Bank to the Videocon group turned into non-performing assets (NPAs) of more than Rs 1,000 crore, the CBI has claimed in the charge sheet filed against the bank's former CEO Chanda Kochhar, her husband Deepak Kochhar and Videocon founder Venugopal Dhoot. The over 10,000 pages-long charge sheet was filed recently before a special court for the Central Bureau of Investigation cases here. The Kochhars and Dhoot are now out on bail. After Chanda Kochhar became MD & CEO of ICICI Bank, from May 1, 2009, six 'Rupee Term Loans' (RTLs) were sanctioned to Videocon Group. Between June 2009 to October 2011, RTLs of a total of Rs 1,875 crore were sanctioned to the group by the bank, the charge sheet said. Chanda Kochhar was chairperson of the two-member Committee of Directors which sanctioned RTL of Rs 300 crore in August 2009 to Videocon International Electronics Limited (VIEL). Further, she was a member of the committee of senior managers ...

Credit cards in force hit new high in June; spends decline over May

HDFC Bank maintained its leadership position with 18.35 million cards, followed by SBI Card at 17.34 million, ICICI Bank at 14.8 million, and Axis Bank at 12.5 million