India Inc:
ICICI Bank has raised $1 billion through bonds from the overseas market.
The five-and-a-half-year fixed rate notes carry a coupon of 4.75 per cent, it said in a statement this week. The notes were issued through the bank's Dubai branch.
The proceeds from the issue will be used to fund the bank's international operations and for general corporate purposes.
The offering had an order book of $2.70 billion with strong interest from over 220 investors. The bonds were issued under existing $5 billion medium-term notes programme.
A number of Indian lenders have tapped the dollar market this year, including Syndicate Bank and Indian Overseas Bank, but ICICI is the first to tap professional investors in the US.
The deal gathered an order book of $2.7 billion from more than 200 investors.
