ICICI to raise USD 500 mn overseas
ICICI to raise USD 500 mn overseas
ICICI Bank is raising USD 500 million of one-year funds via issue of commercial papers (CPs) in the US, reports Business Standard.
The bank had issued CPs earlier to raise USD 300 million in the US. The bank so far in 2007-08 raised USD 12.9 billion through debt and equity issuances to fund growth.
Recently, the bank borrowed USD 2 billion for 5 years. It further intends to raise USD 11 billion overseas in the next one year.
The bank will issue commercial paper notes via its offshore banking unit in Mumbai, its Hong Kong branch and its Bahrain branch; and use the proceeds for general corporate purposes.
Bank of America has issued an irrevocable, direct-pay letter of credit that provides full and timely support for the repayment of each series of ICICI Bank`s commercial paper notes on maturity.
ICICI Bank had total assets of Rs 3,447 billion.
Shares of the Bank closed down Rs 26.6, or 4.11%, at Rs 620.35. The total volume of shares traded at the BSE was 121,729.(Thursday).
