ICICI Bank board approves up to $5 billion overseas debt fundraising

ICICI Bank has received board approval to raise up to $5 billion from overseas markets through various debt instruments, including bonds, notes and offshore certificates of deposit. The private-sector lender disclosed the decision in an exchange filing on Friday, August 21, following a board meeting that approved the revised borrowing limit.The approval gives the bank flexibility to access international debt markets depending on its funding requirements and prevailing market conditions. However, ICICI Bank has not yet provided details on when the fundraising will take place, the size of individual issuances, maturity periods or pricing. ICICI Bank Launches $1.45 Billion Offshore Loan Amid RBI Push To Boost Dollar FundingICICI Bank shares outperform broader marketICICI Bank shares were trading at Rs 1,417.50, up 0.4% during late-morning trading on Friday. The stock has gained around 5.9% so far in 2026, significantly outperforming the Nifty 50, which has declined about 7.2% during the same period.The lender’s market capitalisation stood at approximately Rs 10.17 lakh crore, equivalent to around $105 billion.The proposed overseas borrowing comes at a time when Indian banks are increasingly turning to international debt markets to diversify their funding sources and raise foreign currency resources. Indian banks step up overseas fundraisingThe development follows HDFC Bank’s $1.75 billion overseas bond issue, announced on August 20. The fundraising, conducted through its GIFT City branch, was the bank’s largest overseas borrowing since the global financial crisis in 2008.HDFC Bank’s issue comprised a $500 million three-year tranche and a $1.25 billion five-year tranche. The notes carried coupons of 5.159% and 5.401%, respectively.Other Indian lenders have also accessed overseas markets. IDFC First Bank raised $600 million, while Kotak Mahindra Bank secured around $650 million through its first five-year overseas bond issuance.The increased activity comes amid the RBI’s concessional swap window for external commercial borrowings, which is available until the end of 2026. The facility has provided Indian banks with an additional avenue to manage foreign-currency funding and tap global investors.

ICICI Bank has already ‌raised $2.05 billion through dollar debt in the past month

ICICI Bank board of directors have approved fundraising of up to $5 billion via debt in overseas markets.