Date:13/05/2007 URL: http://www.thehindu.com/2007/05/13/stories/2007051302221300.htm

Business

ICICI Bank raises 350 million pounds

MUMBAI: ICICI Bank has raised 350 million pound sterling through its Medium Term Note (MTN) Programme for this fiscal.

The notes were priced at a spread of 83 basis points over U.K. gilts and is the largest deal in the sterling market from Asia, the bank said in a release on the Bombay Stock Exchange. The notes will settle on May 18.

Acting through its Bahrain branch, ICICI's Floating Rate Note generated good investor response resulting in the deal being upsized to 350 million pound sterling.

From a geographical breakdown perspective there was 95 per cent participation from the U.K. and the balance from rest of Europe.

From an investor perspective, 80 per cent of the securities were sold to fund managers, 17 per cent to insurance agencies and 3 per cent to banks and pension funds.

PTI