ICICI Bank to raise infrastructure lending bonds soon

Mumbai: India's ICICI Bank is expected to raise at least 5 billion ($83.24 million) via 10-year bonds intended towards infrastructure lending at a semi-annual coupon of 9.15 per cent, 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.