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ICICI Bank raises Rs 945 cr by issuing Basel III compliant bonds

PTI | New Delhi | Updated: 17-02-2020 15:31 IST | Created: 17-02-2020 15:31 IST
ICICI Bank raises Rs 945 cr by issuing Basel III compliant bonds

ICICI Bank on Monday said it has raised Rs 945 crore by issuing Basel III compliant bonds on private placement basis. According to a BSE filing, the bank has allotted 9,450 Basel III compliant unsecured subordinated tier 2 bonds in the nature of debentures aggregating to Rs 945 crore on private placement basis.

The bonds were allotted on February 17, 2020. The bonds are redeemable at the end of 10 years and there is an issuer call option on or after the 5th anniversary from the date of allotment, subject to RBI approval, it added.

"The bonds are eligible for inclusion as tier 2 capital of the bank...and have the rights, privileges and features customary for such tier 2 issuances," it said. The bonds carry a coupon of 7.10 per cent per annum payable annually and were issued at par.

ICICI Bank said the bonds are rated 'CARE AAA; Stable' by Credit Analysis & Research and 'ICRA AAA (hyb)'; Stable" by ICRA. ICICI Bank stock was trading at Rs 541.10 on the BSE, down 0.87 per cent from the previous close.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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