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India’s leading private bank, ICICI bank on Monday said, that, “It has secured Rs 945 crore through issuance of Basel III compliant bonds on private placement basis.”
In a filing with the regulatory, ICICI Bank said, “It has allowed 9,450 Bael III compliant unsecured subordinated tier 2 bonds in nature of debentures valuing at Rs 945 crore on private placement basis.”
“The bonds were allotted on February 17, 2020. Will be 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,” the filing added.
“The allotment is subject to RBI approval,” it added.
The statement further added, “The bond carry’s a coupon of 7.10 per cent per annum that paid annual and were issued at par.”
“This bonds are eligible for inclusion as Tier 2 capital on the bank and will have the rights, privileges and features customary for such tier 2 issuance,” the filing added.
“The bonds are ‘CARE AAA; Stable’ rated by Credit Analysis & Research and ‘ICRA AAA (hyd); stable by ICRA,” it added.