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ICICI Bank to redeem US$340M of debt securities

ICICI BankLtd. will redeem its US$340.0 million subordinated debt securitiesOct. 31.

The bank issued the perpetual noncumulative notes in 2006through its Bahrain branch. The notes carried an interest rate of 7.25%.

The redemption price for all outstanding notes on theredemption date will be US$1,036.25 for every US$1,000 of securities.

The bank said that it has obtained the necessary regulatoryapprovals for redeeming the notes.