ICICI Bank Ltd. is in talks to raise at least $500 million through an offshore bond issue, according to a Bloomberg report citing people familiar with the matter.
The fundraising is likely to be carried out through the bank's Global Medium-Term Note (GMTN) programme, which is used for issuing debt in overseas markets. The proposed transaction is to be launched in the coming weeks, although discussions are still underway.
If the issue goes ahead, it will be ICICI Bank's first benchmark-sized US dollar bond sale since 2017, when it raised $500 million through the same programme, according to Bloomberg data.
The bank is reported to be working with a group of global banks that will arrange the proposed issue.
The planned bond sale follows the Reserve Bank of India's (RBI) decision to introduce a concessional foreign exchange swap facility for eligible overseas borrowings.
The facility, announced last month, is intended to lower the cost of raising funds abroad and encourage more foreign capital into the Indian financial system. The move has prompted several lenders to consider overseas debt issuance.
ICICI Bank is not the only lender raising funds overseas. HDFC Bank raised $750 million through a bond sale last month. Axis Bank, State Bank of India, and Power Finance Corporation have also tapped international debt markets in recent weeks, according to Bloomberg data.
The recent transactions indicate that Indian lenders are making greater use of offshore markets after the RBI's latest measures.
The RBI's measures have coincided with a recovery in the rupee. The currency had weakened to a record low of nearly 97 against the US dollar in late May after higher energy prices linked to the US-Iran conflict. Since then, the rupee has gained nearly 2%, reversing part of its earlier decline.
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As of July 3, 2026, 3:18 pm, ICICI Bank share price was trading at ₹1,411.60, up 0.83% from the previous closing price.
The planned issue remains under discussion and has not been officially announced by the bank. It would mark ICICI Bank's return to the benchmark US dollar bond market after an eight-year gap.
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Published on: Jul 3, 2026, 3:58 PM IST
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