ICICI Bank buys back bonds worth $50 mn

By IANS

Mumbai : ICICI Bank Monday said it had bought back and retired bonds with a face value of $50 million out of the $750 million bonds that were due to mature in 2012, its second such transaction in March.

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The bonds, which had a 5.75 percent coupon, were issued by the bank’s Bahrain branch, the bank said in a statement.

The bank March 8 said it has bought back and extinguished $50 million of bonds with a 6.625 percent coupon that were due to mature in 2012 and were also issued by its Bahrain branch.

Earlier this month, following the subprime crisis, ICICI’s foreign operations had reported a marked-to-market loss of $264 million from its exposure to credit derivatives and investments as on Jan 31.