ICICI Bank on Monday said that it has obtained the regulatory approvals for redeeming its 7.25% perpetual non-cumulative subordinated debt securities on October 31, 2016.

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It said, “ICICI Bank has notified the trustee that all outstanding 7.25% perpetual non-cumulative subordinated debt securities (the Notes) of the bank will be redeemed fully on October 31, 2016, at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest to (but not including) the redemption date.”

ICICI Bank acting through its Bahrain branch (the “Bank”) had issued a $ 340 million (which is nearly Rs 2271.47 crore on current rupee price) of the above debt securities on August 24,2006, with an optional redemption by the bank on October or on any subsequent interest payment date.

With respect to the notes, the amount of accrued and unpaid interest will be at $ 36.25 on each $ 1000 of notes.

Redemption price (including both amount of accrued and unpaid interest) for all outstanding notes on the redemption date will be $ 1036.25 for each $ 1000 of Notes.

Payment of the redemption price and surrender Notes for redemption will be made through the facilities of the Depositary Trust Company.