ICICI Bank completed the issuance of USD 750 million in senior unsecured fixed rate notes on August 21, 2026. The deal was executed through its International Financial Services Centre (IFSC) Banking Unit under the bank’s USD 7.5 billion Global Medium Term Note Programme.

The five-year notes carry a coupon rate of 5.417% and mature on August 21, 2031. Interest payments are scheduled semi-annually on February 21 and August 21. The securities are unsecured and rank equally with other unsecured obligations of the issuer.

Credit Ratings and Structure

The notes hold a BBB rating from S&P Global Ratings and Baa3 from Moody's Ratings. Issued as 144A/RegS Registered, Category 2 drawdowns, the instruments are not for distribution in the United States.

ICICI Bank plans to list the notes on multiple international platforms to enhance liquidity:

• Global Securities Market of the India International Exchange IFSC Limited
• Debt Securities Market of the NSE IFSC Limited
• SGX-ST (Singapore Exchange Securities Trading)

Use of Proceeds

Net proceeds from the USD 750 million issue will be utilized for general corporate purposes in accordance with regulatory guidelines. The bank disclosed no specific project-linked allocation for this tranche.

What the Numbers Show

The successful completion of this issuance underscores ICICI Bank’s robust access to international debt markets. By leveraging its IFSC unit, the bank taps into offshore liquidity while maintaining domestic regulatory compliance. The dual listing strategy across Indian IFSC exchanges and Singapore aims to diversify its investor base across Asian markets.

ICICI Bank shareholders approved all 18 resolutions proposed at its 32nd Annual General Meeting held on August 21, 2026. The virtual meeting, chaired by Non-Executive Chairperson Pradeep Kumar Sinha, saw unanimous support for key governance and operational matters.

The agenda included ordinary business items such as the adoption of audited standalone and consolidated financial statements for FY26 and the declaration of dividends. Shareholders also voted on special business resolutions concerning board appointments and executive compensation.

Key Governance Changes

The meeting approved the reappointment of Sandeep Bakhshi as Managing Director & Chief Executive Officer for a two-year term effective October 4, 2026. His remuneration was also revised with shareholder approval. Additionally, Ajay Kumar Gupta was reappointed as Whole-time Director (Executive Director) for two years starting November 27, 2026, alongside a revision in his pay package.

New independent director appointments were approved for Ashwani Bhatia (effective June 1, 2026) and Mrugank Paranjape (effective August 1, 2026). Vibha Paul Rishi received approval for a second term as Independent Director from January 23, 2027, to December 31, 2028.

Related-Party Transactions

Shareholders ratified material related-party transactions for FY28 involving subsidiaries ICICI Prudential Life Insurance Company Limited and ICICI Lombard General Insurance Company Limited, as well as associate India Infradebt Limited. Transactions involving subsidiary ICICI Securities Primary Dealership Limited were also approved.

Voting Results

The consolidated scrutinizer's report by Vinod Kothari & Company confirmed that all resolutions passed with requisite majorities. Voting was conducted via remote e-voting and during the AGM through NSDL's platform. Related-party votes on specific resolutions were excluded as per regulatory norms.