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ICICI Bank to raise $3 billion through bonds and offshore deposits

Private sector lender ICICI Bank on Saturday announced that it will raise $3 billion through issuance of bonds and offshore deposits over a period of one year and Rs. 25,000 crore in the domestic through issuance of debt securities.

In a press release announcing the Q4 and full year financial results, the bank said its Board has approved “Fund raising by way of issuances of debt securities including by way of Non-Convertible Debentures in domestic markets upto an overall limit of Rs. 250 billion by way of private placement & issuances of bonds/notes/offshore Certificate of Deposits in overseas markets upto $ 3 billion in single/multiple tranches for a period of one year from the date of passing of resolution by the Board.”

Last week the bank informed through exchangers that it will consider fund raising by the way of issuing debt securities consisting of non-convertible debentures/bonds/notes/offshore Certificate of Deposits in single/multiple tranches in any currency through public/private placement.

Many public and private sector banks have expressed their intention to raise funds. Axis Bank, Bank of Baroda and Kotak Mahindra Bank have already received their board’s approval to raise Rs 30,000 crore, Rs 13,500 crore and Rs 7,000 crore respectively. 

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