ICICI Bank said on Tuesday that it raised Rs 2,827 crore by issuing bonds on a private placement basis. This comes after the lender’s board of directors approved fundraising through issuance of debt securities in April.
“Pursuant to the same, the bank has allotted 28,274 senior unsecured redeemable long-term bonds in the nature of debentures aggregating to Rs 2,827.40 crore on a private placement basis,” ICICI Bank said in a regulatory filing.
While the allotment date is June 15, the redemption date of the bonds in June 15, 2028, the lender said. “There are no special rights/privileges attached to the bonds. The bonds carry a coupon of 6.45 per cent per annum payable annually and were issued at par,” it added.
The bonds will be listed in the relevant segment, said ICICI Bank.
Credit Analysis & Research rated the bonds ‘CARE AAA stable’ and ICRA rated them ‘ICRA AAA stable’. ICICI Bank’s shares on Tuesday closed 1.57 per cent up at Rs 645.05 apiece on the BSE.
On Monday, SBI Cards and Payment Services said it raised Rs 500 crore by issuing bonds. Its board of directors haD approved the allotment of 5,000 fixed rate, unsecured, rated, taxable, redeemable and senior non-convertible debentures aggregating to Rs 500 crore on a private placement basis. The coupon on the bonds is 5.55 per cent per annum. The bonds were allotted on June 14, and are set to mature on June 14, 2024.