ICICI Bank, country's second-largest private sector lender, on Saturday said it will raise up to Rs 25,000 crore by issuing debt securities, including Non-Convertible Debentures (NCDs), in domestic markets on a private placement basis.
"The board of directors of the bank at its meeting held today approved fund raising by way of issuances of debt securities including by way of non-convertible debentures in domestic markets up to an overall limit of around Rs 25,000 crore by way of private placement," ICICI Bank said in a filing to the Bombay Stock Exchange.
The bank's board has also approved issuances of bonds/notes/offshore Certificate of Deposits in overseas markets up to $3 billion in single or multiple tranches for a period of one year from the date of passing of resolution by the board.
The board also approved shifting of registered office of the bank from Gujarat to Maharashtra and consequential amendment in the Clause (II) of the Memorandum of Association of the Bank, subject to the approval of members and other regulatory approvals, as required. The bank has received no-objection from Reserve Bank of India (RBI) for the proposal of shifting its registered office, subject to compliance with the guidelines, directions and statutory provisions as applicable, it said.
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In the meeting, ICICI Bank's board also approved re-appointment of Walker Chandiok & Co LLP, Chartered Accountants as statutory auditors of the bank to hold office from the conclusion of the 26th Annual General Meeting (AGM) till the conclusion of the 27th AGM, subject to the approval of members.
The board gave nod to re-appointment of Girish Chandra Chaturvedi has been as an independent director and Non-Executive (part-time) Chairman of the bank for a period of three years effective from July 1, 2021, subject to the approval of members.
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Among others, the board approved re-appointment of Vishakha Mulye as wholetime Director; extension of tenure of G. Srinivas as Chief Risk Officer (CRO) of the bank by another three years with effect from August 1, 2020 till July 3 1, 2023.
 Meanwhile, ICICI Bank reported a sharp 135 per cent year-on-year (YoY) growth in its net profit at Rs 7,931 crore for the financial year ended March 31, 2020, driven by rise in other income, operating income, net interest income (NII) and lower tax cost. The bank's NII, the difference between interest earned and interest expended, surged by 23.14 per cent to Rs 33,267 crore versus Rs 27,015 crore in the previous fiscal. Non-interest income rose to Rs 15,156 crore as compared to Rs 13,146 crore in FY19.
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The ICICI Bank's board has not recommended any dividend for financial year 2019-20. "In line with the Reserve Bank of India's circular issued on April 17, the board has not recommended any dividend for FY20," the lender said in the exchange filing.
By Chitranjan Kumar