Private sector lender ICICI Bank has mobilised USD 750 million through an overseas bond issuance from its IFSC banking unit. The 5-year senior unsecured notes carry a coupon rate of 5.417 per cent and are part of the bank's USD 7.5 billion Global Medium Term Note Programme.
Private sector lender ICICI Bank announced on Tuesday that it has successfully mobilised USD 750 million through a bond issuance in the overseas market. The capital was raised to fund the bank's ongoing business growth.
According to a regulatory filing by ICICI Bank, the funds were raised through its IFSC banking unit at a coupon rate of 5.417 per cent. The issuance consists of senior unsecured fixed-rate notes with a tenure of five years.
The financial institution stated that these notes form a part of its existing USD 7.5 billion Global Medium Term Note Programme.
Regarding the utilisation of the raised capital, ICICI Bank confirmed that the net proceeds from the issue of notes will be directed toward general corporate purposes, in strict accordance with the relevant regulatory guidelines.
"Raising USD 750 million through international debt markets highlights the strong global confidence in major Indian financial institutions. By utilizing its IFSC banking unit for a 5-year senior unsecured note issuance at a 5.417 per cent coupon rate, ICICI Bank has secured stable liquidity to support its broader business growth and corporate objectives in alignment with regulatory standards." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
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