ICICI Bank may raise crores via infra bonds soon

25 Sep 2023 CW Team

ICICI Bank of India is currently engaged in discussions with potential investors regarding the issuance of longer-tenor infrastructure bonds, marking its initial venture into the debt market for the year, according to three bankers familiar with the matter. The private sector bank is reportedly preparing to enter the market within the next two weeks, with the intention of raising up to 40 billion rupees (approximately $481 million) through bonds that will mature over a period of seven to ten years.

As of the time of reporting, ICICI Bank has not responded to Reuters' request for comment and has yet to officially announce the bond sale. One of the bankers involved in the process stated, "The bank is finalizing the issue details and will enter the market after gauging the response to State Bank of India's infrastructure bonds this week."

State Bank of India (SBI), the nation's largest lender, has outlined plans to generate funds of up to 100 billion rupees through infrastructure bonds with a maturity period of 15 years. SBI has called for bids scheduled for Friday.

In summary, ICICI Bank is in discussions with investors for the issuance of longer-tenor infrastructure bonds and is expected to enter the market in the coming weeks, aiming to raise substantial funds. This move follows the State Bank of India's own infrastructure bond offering, highlighting the continued activity in India's debt market.

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