ICICI Bank raises Rs8,000 crore through allotment of bonds; Stock soars 2.5%

14 Mar 2022 , 01:45 PM

ICICI Bank has raised Rs8,000 crore by issuing debt securities on a private placement basis. The Bank has allotted 80,000 senior unsecured redeemable long term bonds in the nature of debentures on March 11, 2022.

The Board of Directors of the Bank, at its meeting held on April 24, 2021, had approved fund raising through issuance of debt securities.

The Bank said in a filing that bonds are redeemable at the end of 10 years (redemption date being March 11, 2032). There are no special rights/ privileges attached to the bonds. The bonds carry a coupon of 7.12% p.a. payable annually and were issued at par.

The bonds would be listed in the relevant segment of the NSE.

The bonds are rated “CARE AAA; Stable” by Credit Analysis & Research Limited, “CRISIL AAA/Stable” by CRISIL Ratings Limited and “ICRA AAA; Stable” by ICRA Limited.

At around 1.48 pm, ICICI Bank Ltd was trading at Rs694.70 per piece up by Rs16.65 or 2.46% from its previous closing of Rs678.05 per piece on the BSE.