ICICI Bank raises Rs 3,425 cr via Basel III complaint bonds

The country's largest private sector lender ICICI Bank has raised Rs 3,425 crore by issuing Basel III compliant bonds on private placement basis.

The Committee of Executive Directors of the bank at its meeting held today approved allotment of 34,250 Basel III compliant unsecured, subordinated, perpetual additional tier-I bonds aggregating Rs 34.25 billion on private placement, the bank said in a regulatory filing.

The bonds carry a coupon rate of 9.20 per cent per annum payable annually.

Bonds are rated stable with 'AA+' rating by CARE and ICRA.

India is implementing globally set Basel III capital regulations for banks to strengthen their capital planning to mitigate potential stresses that may arise due to asset quality deterioration.

Banks are implementing these standards in phases since April 1, 2013. They are expected to fully comply with these norms by March 2019.

Stock of ICICI Bank closed 0.25 per cent down at Rs 284.45 on BSE.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)