By Wendy Van Sickle
Columbus, Ohio, March 16 – Icici Bank Ltd.’s committee of executive directors approved on Thursday the allotment of Rs. 34.25 billion of unsecured subordinated perpetual additional tier 1 bonds, according to a Bombay Stock Exchange notice.
The Basel III-compliant notes will carry a coupon of 9.2% and will be issued at par on a private placement basis.
The bonds are rated AA+ by Care and AA+ by ICRA Ltd.
Icici Bank is based in Mumbai.
| Issuer: | Icici Bank Ltd.
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| Amount: | Rs. 34.25 billion
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| Maturity: | Perpetual
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| Description: | Unsecured subordinated tier 1 bonds
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| Coupon: | 9.2%
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| Price: | Par
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| Yield: | 9.2%
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| Allotment date: | March 17
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| Ratings: | Care: AA+
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| ICRA: AA+
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