ICICI raises 150 mn

MUMBAI, Aug 1: The Industrial Credit and Investment Corporation of India ICICI on Friday launched its 150 million Yankee bond issue of 10-year maturity as part of its global medium-term note programme finalised in March.

The debt offering, led by JP Morgan Stanley and Dean Witter as co-managers, received an overwhelming response. The coupon, fixed through book-building at 7.55 per cent, was the lowest for an Indian corporate in the US.

In all, 70 per cent was placed in the US, 20 per cent in Europe and 10 per cent in Asia across a wide range of investors. With the issue, ICICI has become the first Indian financial institution to access the US with a 144a yankee deal, expanding the investor base for Indian Yankees, a press release said.