In early morning trades, the ICICI Bank share price hit a new all-time high of ₹900.80 per share on the NSE. On Thursday morning, the ICICI Bank share price opened higher and went on to set a new record high. This occurred one day after the private lender clarified news of ₹10,000 cores fundraising via infra bonds in one or more tranches.
In its response to the exchanges, ICICI Bank Limited stated that it has the necessary annual board approvals to issue bonds or securities. It also stated that this information was previously shared with the exchanges in its previous exchange filing.
ICICI Bank told Indian stock exchanges, “ICICI Bank issues bonds as part of its normal business operations as a bank, to fund its lending activity.” The bank has the necessary annual board approvals, which allow for the issuance of bonds/ securities for a period of one year from the date of approval, and had duly reported the same to the exchanges on the date of the meeting.
Based on market conditions, the Bank may issue securities up to the approved limit at any time. In this regard, the Bank obtains credit ratings, which are disclosed by the agencies in accordance with the standard procedure. Any bond issuance by the Bank is done through the Electronic Bidding Platform (EBP) provided by the exchanges, with investors being notified two days in advance to bid on the bonds. Following that, an intimation to the exchanges with the details of the issuance is sent on the date of allotment.”
The fundraising programme was announced by ICICI Bank in its exchange communication dated April 23, 2022, citing “Fundraising by way of issuances of debt securities, including by way of non-convertible debentures in domestic markets up to an overall limit of 250 billion.