India’s ICICI Bank is in talks with investors to sell longer-tenor infrastructure bonds in what will be its first foray into the debt market this year, three bankers aware of the development said on Thursday.
The private sector lender may tap the market in the next two weeks and is looking to raise up to 40 billion rupees (about $481 million) via bonds maturing in seven to 10 years, they added.
ICICI Bank did not immediately respond to Reuters’ request for comment and is yet to announce the bond sale.
“The bank is finalising the issue details and will tap the market after seeing the response to State Bank of India’s infra bonds this week,” one of the bankers said.
SBI, the country’s largest lender, is planning to raise up to 100 billion rupees through infrastructure bonds maturing in 15 years and has invited bids on Friday.
Infrastructure bonds are issued to finance long-term development projects.
ICICI Bank last tapped the bond market with infrastructure bonds in December 2022, when it raised 10 billion rupees via 7-year bonds at 7.63%.
