Private sector lender ICICI Bank has raised over Rs 2,827 crore by issuing bonds on private placement (PP)  basis. This comes after the lender's board of directors approved fundraising through the issuance of debt securities in April.

The bonds carry a coupon rate of 6.45 percent per annum payable annually and were issued at par. There are no special rights or privileges attached to them.  

While the allotment date is June 15, the redemption date of the bonds in June 15, 2028, the lender said. "There are no special rights/privileges attached to the bonds. The bonds carry a coupon of 6.45 per cent per annum payable annually and were issued at par," it added.

Indian banks have been raising capital to insulate themselves from a surge of bad loans as the novel coronavirus pandemic continues to batter the economy.

The bonds will be listed in the relevant segment, said ICICI Bank. Meanwhile, Credit Analysis & Research rated the bonds 'CARE AAA stable' and ICRA rated them 'ICRA AAA stable'.

On Wednesday, during midsession, shares of  ICICI Bank's is trading at Rs 640.90   as compared to the previous closing  price of Rs. 645.30 on the NSE.

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