The decision was taken at a board meeting held on August 21, 2026, according to the bank’s regulatory filing with the stock exchanges.
The increased limit will provide ICICI Bank greater flexibility to raise funds from international markets through various debt instruments, including bonds, notes and offshore certificates of deposit.
The Reserve Bank of India (RBI) had announced concessional swap facility for FCNR-B, overseas foreign currency borrowings, and external commercial borrowings. Under this, the hedging cost of dollar denominated bonds would be capped at 1.5%, which otherwise goes up to 3.5% to 4%.
Under this concessional swap facility ICICI Bank has already raised $1.7 billion across two tranches of $1 billion and $700 million.
HDFC Bank said that the issuance was carried out through its GIFT City branch and comprised two tranches — $500 million of three-year bonds and $1.25 billion of five-year bonds.
The three-year notes carry a coupon of 5.159%, while the five-year notes offer a coupon of 5.401%, with interest payable semi-annually. Both tranches are scheduled to settle on August 26. The three-year bonds will mature on August 26, 2029, while the five-year bonds will mature on August 26, 2031.The three-year bonds were issued at a spread of 88 basis points over US Treasuries, while the five-year bonds were issued at a spread of 100 basis points over Treasuries.
ICICI Bank Ltd. share are now trading 0.42% higher on Friday at rs 1,417.80. The stock is up 6% so far in 2026.
