ICICI mandates 10 global banks for $1.5 billion loan

ICICI mandates 10 global banks for $1.5 billion loan


Mumbai: Close on the heels of raising $5 billion through a public offer, the country’s largest private lender ICICI Bank has mandated 10 international banks to arrange a Japanese Yen equivalent loan of $1.5 billion (Rs6,100 crore).

The funding would be the biggest-ever offshore syndicated loan facility by an Indian financial institution and is likely to be announced tomorrow, sources said.

The funds would be used for general corporate purposes. The ten banks mandated for the funding include BNP Paribas, Galyon, Goldman Sachs, HSBC, Standard Chartered Bank and Sumitomo Mitsui, the sources added.

When contacted, an ICICI Bank spokesperson declined to comment on the issue.

The debt raising exercise follows the bank’s follow-on public offer in domestic and international markets in June this year. ICICI Bank had raised about 10,000 crore from the domestic market through issue of equity shares, and an equivalent amount through a secondary offering of American Depository Shares in the US.