ICICI Bank has successfully allotted 3,945 unsecured, subordinated, listed, non-convertible, Tier 2, Basel III compliant bonds, raising ₹39,450 million. These bonds, bearing a face value of ₹10,000,000 each, were issued on a private placement basis. The issuance was approved on April 19, 2025, and the bonds have been rated CARE AAA; Stable by CARE Ratings and [ICRA] AAA (Stable) by ICRA Limited.
Bond Issuance Details
ICICI Bank has finalized the allotment of 3,945 unsecured, subordinated, listed, non-convertible, Tier 2, Basel III compliant bonds, raising a total of ₹39,450 million. This move follows the board’s approval for fund raising through debt securities, initially decided on April 19, 2025.
Bond Features
The bonds carry a coupon rate of 7.40%, with interest payable annually from the deemed date of allotment until maturity. Each bond has a face value of ₹10,000,000. The bonds are rated CARE AAA; Stable by CARE Ratings Limited and [ICRA] AAA (Stable) by ICRA Limited.
Key Dates and Maturity
The bonds have a tenor of 15 years from the deemed date of allotment, with a maturity date of November 28, 2040. ICICI Bank retains the option to exercise a call option at the end of 10 years and every year thereafter.
Redemption Details
The bonds will be redeemed at par after 15 years from the deemed date of allotment, specifically on November 28, 2040. Redemption is subject to ICICI Bank’s call option which can be exercised at the end of 10 years and annually thereafter. The redemption amount is ₹10,000,000 per bond, with coupon subject to the terms outlined in the Bond Trust Deed.
Delay in Payment Terms
If there is any delay in the payment of interest or principal, ICICI Bank will pay an additional interest of 2% per annum on the overdue amount, in addition to the coupon rate. This applies from the due date until the payment is made.
Source: BSE
