ICICI Bank to raise up to Rs 25,000 crore via debt

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ICICI Bank today said it will raise up to Rs 25,000 crore by issuing securities on a private placement basis to fund increasing lending operations.

It was decided in its annual general meeting.

"Authority to the board of directors to borrow by way of issue of non-convertible securities including but not limited to bonds and non-convertible debentures in one or more tranches of up to Rs 25,000 crore on a private placement basis," the bank said in a Bombay Stock Exchange (BSE) filing.

The country's largest private sector lender has reported manifold jump in standalone net profit at Rs 2,024.64 crore for the quarter ended March 31.

The bank had made a net profit of Rs 701.89 crore in the January-March quarter of 2015-16.

ICICI Bank has said its board of directors recommended a dividend of Rs 2.50 per share and an issue of bonus shares in the ratio of one equity share to every 10 equity shares.

Stock of the bank closed 1.23 per cent down at Rs 290.10 on BSE.