ICICI Bank raises $750 million through unsecured debt

Submitted by Anuj Gupta on Sun, 11/22/2009 - 17:35

The country’s largest private lender, ICICI Bank has raised Rs 3,498 crore, issuing unsecured debt from its Bahrain branch. The move is aimed to arrange capital for expanding its overseas business operations.

The bank said that around 250 investors responded to the issue of 64-month fixed rate notes to be listed on Singapore Stock Exchange. A spokesperson from the bank added, “ICICI Bank is raising long-term funds for meeting business requirements of its overseas branches, including financing the existing loan book and meeting growth opportunities.”

However, the bank, with a capital adequacy ratio (CAR) of 17.7 per cent, added that the recent bond issue has nothing to do with its $5-billion medium-term note (MTN) program worth around $1.7 billion, aimed to get bond debt funding on a regular and continuous basis without needing a full suite of legal documents each time of issuing notes.

Bank’s Tier-I CAR stands at 13.3 per cent which is highest among any other bank of India. Other banks including Axis Bank, Public sector lenders Union Bank of India, IDBI Bank and Bank of Baroda has also been looking for raising funds from the overseas bond market.


Tagged with

Miscellaneous

Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Reliance Industries Purchase an Additional 0.68% Interest in EIH Ltd.

Owner of Energy giant Reliance Industries, Mukesh Ambani has put in an extra 0.68% in EIH Ltd. With this, his total stake in the hotel chain has increased to 14.8%. In a filing to the Bombay Stock Exchange, EIH said that the shares were purchased from the market on Tuesday.

Shares of Reliance surged 0.3% at Rs. 939.3 in proportion to the Mumbai market at 1.26pm, while EIH shares witnessed a 4.5% rise at Rs. 150.2.

On Monday, Reliance was quoted saying that it is widening its horizon and has procured 14.12% stake in EIH for a sum of $217.5 million.

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

Bajaj Auto Records 55% Surge in Sales of Vehicles in August

On Thursday, Bajaj Auto posted a 55% increase in its sales of vehicles. In the month of August, the Company recorded sales of 3,29,364 vehicles, compared to 2,13,072 units in the same month the year before.

Last month, 2,89,176 two wheelers were sold by Bajaj Auto, a big surge than 1,82,441 units, which were sold in August 2009. The Company’s cumulative sales of two wheelers for the time frame between April and August 2010 increased by 68% and were recorded at 1,397,348 units. The number was high from 833,235 units that were retailed during the same period last year.

© Copyright 2010