ICICI Bank repurchases bonds worth $50 million

March 7th, 2008 - 5:27 pm ICT by admin  

Mumbai, March 7 (IANS) India’s largest private sector lender ICICI Bank Friday said it has repurchased its 6.625 percent bonds worth $50 million and subsequently “extinguished” them. An ICICI Bank spokesman told IANS that by extinguishing, the bonds now stand “cancelled”.These were a part of bonds worth $2 billion issued Oct 3, 2007 from the Bahrain branch of the bank due on 2012, ICICI said in an announcement here Friday.

A dealer acting on behalf of the ICICI Bank carried out the repurchase through the open market.

Early this week, the bank suffered a loss of $264 million in its overseas operation due to the sub-prime mortgage crisis.

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