ICICI Bank to sell $500 million-plus US bonds via GIFT City
Business
ICICI Bank is making its first US dollar bond sale in almost 10 years, planning to raise at least $500 million through its GIFT City unit.
These five-year bonds will be available to major US investors thanks to a fast-track S.E.C. rule, making the process smoother and quicker.
Proceeds to finance ICICI Bank lending
The money raised will mostly go toward financing clients, letting the bank offer more loans with extra leverage.
ICICI isn't alone: HDFC and Axis have also tapped into this RBI-backed scheme, which helps Indian banks borrow US dollars more affordably.
In just six weeks, Indian banks have pulled in over $20 billion through this window, showing how much easier overseas funding has become for them lately.