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ICICI Bank's Rs. 400 cr. bond issue

MUMBAI JAN. 1. ICICI Bank will tap the capital market on January 6 with its first public issue of unsecured redeemable bonds for Rs. 400 crores, with an option to retain oversubscription for an equal amount. The subscription will close on January 27, the bank said in a release.

``This is our first public bond offering as banking entity in 2002-03 and the interest rates on various investment options under issue have been benchmarked to return on fixed deposits'', ICICI Bank's head (retail channel and liabilities), Amitabh Chaturvedi, said.

The issue offers three investment options — Tax Saving Bonds, Regular Income Bonds and Children Growth Bonds.

For the Tax Saving Bonds, the yield to maturity (YTM), based on tenure and face value, would vary between 10.7 per cent and 13.8 per cent, it said adding these bonds were eligible for tax rebates under section 88 of the Income-tax Act. Non-resident Indians and overseas corporate bodies can invest on repatriable and non-repatriable basis, it said.

PTI

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