ICICI Bank approves ₹3,945 cr fundraise via Tier 2 bonds on private placement

ICICI Bank has raised ₹3,945 crore through the issuance of unsecured, subordinated, listed, non-convertible Tier 2 Basel III-compliant bonds.

The bank allotted 3,945 debentures, each carrying a face value

of ₹1 crore, on a private placement basis to identified investors, according to its stock exchange filing.

The bonds carry a coupon of 7.40% and a tenor of 15 years, with a call option available after 10 years. Ahead of the announcement, shares of ICICI Bank closed at ₹1,388.40 on the NSE, down 0.27%.

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Separately, the bank said it has received approval from the Reserve Bank of India for its proposed acquisition of 100% shareholding in ICICI Prudential Pension Funds Management Company Limited from ICICI Prudential Life Insurance Company.

The approval, granted on November 27, is subject to conditions, including clearance from the Pension Fund Regulatory and Development Authority.