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ICICI Bank buys back $50 mln of bonds

ICICI Bank buys back $50 mln of bonds
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First Published: Mon, Mar 24 2008. 01 05 PM IST
Updated: Mon, Mar 24 2008. 01 05 PM IST
Mumbai: ICICI Bank, India’s second biggest bank, said on Monday it had bought back and retired bonds with a face value of $50 million that were due to mature in 2012, its second such transaction in March.
The bonds, which had a 5.75% coupon, were issued by the bank’s Bahrain branch, ICICI said in a statement.
On 8 March, it had said it has bought back and retired $50 million of bonds with a 6.625% coupon that were due to mature in 2012 and were also issued by its Bahrain branch.
Earlier this month, junior finance minister Pawan Kumar Bansal told parliament that following the subprime crisis, ICICI’s foreign operations had reported a marked-to-market loss of $264 million from its exposure to credit derivatives and investments as on 31 January.
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First Published: Mon, Mar 24 2008. 01 05 PM IST