Financial Daily from THE HINDU group of publications
Thursday, Oct 16, 2003
Financial Daily from THE HINDU group of publications Thursday, Oct 16, 2003 |
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Money & Banking
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Private Banks ICICI Bank gets nod for Eurobonds Our Bureau
Mumbai , Oct 15 ICICI Bank has informed the Bombay Stock Exchange that the Ministry of Finance and the Reserve Bank of India have granted it approval for issuing Eurobonds in the international markets to the extent of $ 300 million. ICICI Bank proposes to issue these bonds in the nature of unsecured unsubordinated fixed rate Eurobonds with tenure of 5 years. The pricing will be determined by way of book building process. Through this process the book runners or the merchant bankers will get quotes from the prospective investors and the cut off interest rate linked to the LIBOR will be worked out accordingly. This rate could be dependent on the rating of the issue and also on the response to other Indian issuances in the international markets at the same time. The Eurobonds are to be listed on the Singapore Stock Exchange. The preliminary offering circular has been filed with the Singapore Stock Exchange and the issue is to be launched soon.
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