July 25, 2014 / 8:42 AM / 3 years ago

ICICI Bank to raise at least 5 bln rupees in bonds for infra lending-sources

MUMBAI, July 25 (Reuters) - India’s ICICI Bank is expected to raise at least 5 billion rupees ($83.24 million) via 10-year bonds intended towards infrastructure lending at a semi-annual coupon of 9.15 percent, two sources said on Friday.

The deal could be expanded via a greenshoe option, the two sources said.

The bond sale comes on the heels of the Reserve Bank of India’s announcement last week allowing bonds sold by lenders to be exempt from mandatory reserve requirements if the proceeds are lent to the infrastructure sector.

$1 = 60.0700 Indian Rupees Reporting by Suvashree Dey Choudhury and Neha Dasgupta; Editing by Rafael Nam

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