ICICI Bank Raises $106 Million through Bond Sale

Mumbai: Top private lender ICICI Bank raised 650 million Chinese yuan (about $106 million) in an offshore Chinese debt market offering, merchant bankers associated with the bond sale said.

The bank raised the money by selling REG S bonds with a three-year tenor and got a final pricing of 4 per cent, Jujhar Singh, managing director and head of debt capital markets at Standard Chartered Bank South Asia, told PTI.

India's largest private sector bank was successful in getting the coupon tightened to 4 per cent from the initial guidance of 4.125 per cent. The bond sale received subscriptions of Chinese yuan 1 billion, he added.

The final issue was subscribed by 47 investors across Asia and Europe. Hong Kong contributed for 65 per cent of the money, followed by Taiwan at 20 per cent, Singapore at 10 per cent and European Union at 5 per cent, he said.

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