ICICI Bank on Wednesday said it will this month-end redeem bonds worth $340 million, issued by its Bahrain branch in 2006. The bank, on August 24, 2006, had issued 7.25 per cent perpetual non-cumulative subordinated debt securities worth $340 million with an optional redemption on October 31, 2016, or on any subsequent interest payment date.
“The Bank has decided to redeem the Notes on the first call date of October 31, 2016, and has got the requisite regulatory approvals for exercising the call option, including approvals to make payment from ICICI Bank , acting through its head office in India,” the bank said in a BSE filing. In a redemption notice to bond holders, it said the amount accrued and unpaid interest with respect to the Notes to the redemption date will be $36.25 on each $1,000 of Notes.