ICICI Bank raises Rs 3,425 cr via Basel III complaint bonds

The country's largest private sector lender ICICI Bank has raised Rs 3,425 crore by issuing Basel III compliant bonds on private placement basis.

The Committee of Executive Directors of the bank at its meeting held today approved allotment of 34,250 Basel III compliant unsecured, subordinated, perpetual additional tier-I bonds aggregating Rs 34.25 billion on private placement, the bank said in a regulatory filing. The bonds carry a coupon rate of 9.20 per cent per annum payable annually. India is implementing globally set Basel III capital regulations for banks to strengthen their capital planning to mitigate potential stresses that may arise due to asset quality deterioration.