Private sector lender ICICI Bank on Tuesday said it has raised Rs 40 billion from bonds to fund growth.

"The Committee of Executive Directors of the bank at its meeting held today has approved the allotment of 40,000 Basel III compliant unsecured subordinated perpetual Additional Tier 1 bonds in the nature of debentures aggregating Rs 4000 crore (40 billion) on private placement basis," ICICI Bank said in a regulatory filing to stock exchanges.

ICICI Bank will sell about 7.72 crore shares or 24% stake in its brokerage arm ICICI Securities Ltd. in an initial public offering to be launched next week. The bank will raise as much as 4,020 crore from the offering.

The price range for the offering was set in the range of 519-520 per share and the IPO will open from March 22 to 26. The subscription will open for anchor investors or in others large local and foreign institutions on March 21, while retail investors canapply between March 22 and March 26.

Mumbai: Micro, small and medium enterprises (MSMEs) that have current accounts with ICICI Bank can now avail of automated loans in the form of an instant overdraft facility of up to Rs 10 lakh each year. The ‘InstaOD’ will enable a few lakh pre-qualified customers, who have held a current account for at least a year, to instantly get the loan without visiting a branch or submitting physical documents.

The stock of India’s second-largest private sector lender ICICI Bank recouped losses in the early trades on Thursday surging over 2% after a six-day rout including the two-day of sharp declines after SFIO probe. Shares of ICICI Bank topped the BSE Sensex on Thursday and contributed the most to the index gains, providing the major boost.

New Delhi: Shares of ICICI Bank Ltd on Wednesday slumped over 3% in early morning trade as the bank’s senior officials were summoned by the Serious Fraud Investigation Office (SFIO) with regard to the Punjab National Bank (PNB) scam.

It is the sixth straight session of fall for the stock and has slumped 12.75% since 26 February. Senior officials from private sector lenders ICICI Bank and Axis Bank appeared before SFIO on Tuesday with regard to a probe into the Rs12,636-crore PNB fraud.

MUMBAI: The mumbai wing of the Serious Fraud Investigation Office has summoned ICICI Bank CEO Chanda Kochhar and Axis Bank CEO Shikha Sharma in the Rs 5,000 crore loan extended to Mehul Choksi’s Gitanjali Gems. The summons sent to both Kochhar and Sharma requests them to appear in person or send a representative.

KOLKATA: ICICI Bank is expected to soon start handling post-auction settlement for the Rs 8,000-crore-a-year tea auction business at all centres.

The bank has already launched postauction settlements at Coonoor and Siliguri auction centres and in a few weeks, it is likely to start a similar process in Guwahati and Kolkata, the two largest tea auction centres in India, and other locations, a senior official of the Calcutta Tea Traders Association told ET.

State Bank of India (SBI), the country’s largest lender, on Thursday raised its benchmark lending rates by up to 25 basis points for the first time since the marginal cost-based lending rate (MCLR) regime was introduced in April 2016. One basis point is 0.01 per cent.

The rate hike, effective immediately, comes a day after the bank raised its deposit rates by as much as 50 basis points (bps) across various maturities.

While core PPOP was largely in line (flat opex offset weak revenues), lower trading profit led to sharply lower bottom line. Net stressed assets declined to 8.7% of net customer assets. We hope top line growth revives with resolutions/ lower credit costs aiding RoA improvement. Retain Buy with PT of Rs 410.

Core PPOP: NIM at 3.14% was marginally better while fee income disappointed — management guides for double-digit growth on full year basis.

The larger private sector lender ICICI Bank expects its domestic net interest margin (NIM) to be stable in the March at around 3.50 per cent, a senior official has said. “On the NIM, we think, for Q4 it will be at around the same levels (of the December quarter when it stood at 3.53 per cent),” executive director rpt executive director N S Kannan told PTI in reply to a specific query on domestic margins. In the December quarter performance announced last week, the bank had reported a domestic NIM of 3.53 per cent. However, there was a sharp decline in the spreads in its international operations to 0.29 per cent from 0.83 per cent in the year-ago period.

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