ICICI Prudential Life Insurance plans to raise Rs12bn subordinated bonds
MUMBAI, Oct 28 (IFR) - ICICI Prudential Life Insurance aims to raise up to Rs12bn (US$163m) from 10-year non-call five subordinated bonds, according to market sources.
The board will consider the terms of the issue on October 29. The life insurance company received approval from the Insurance Regulatory and Development Authority of India on October 16.
Icra and Crisil have assigned a AAA rating to the subordinated debt programme.
In July, HDFC Life Insurance made its debut with a Rs6bn 10-year non-call five subordinated bonds at 6.67%, opening a new funding channel for other life insurers seeking capital to expand their business in the wake of the coronavirus pandemic.
(Reporting by Krishna Merchant; Editing by Vincent Baby)
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