ICICI Bank Ltd

Rating action and instrument details

• Moody's assigns Baa3; S&P assigns BBB to USD 1 billion notes.
• Notes are RegS, fixed-rate, five-year tenor; maturity 27 August 2031.
• Issuer ICICI Bank Limited via IFSC Banking Unit under the USD 7.5 billion GMNT programme.
• Coupon 5.410%; payment dates 27 February and 27 August.
• Use of proceeds for general corporate purposes; notes unsecured.
• Proposed listing on Global Securities Market (IFSC), NSE IFSC, and SGX-ST.
• Rating agencies: Moody's and S&P Global Ratings.

Schedule of investor meetings

• Morgan Stanley India Financials Investor Group Trip on Aug 28, 2026 (Virtual).
• Goldman Sachs Asia Leaders Conference 2026 from Aug 31 to Sep 1, 2026 (In-person).

Debt issuance update

• ICICI Bank completed USD 750 million senior unsecured fixed-rate notes under its USD 7.5 billion MTN programme.
• Notes rated BBB by S&P Global Ratings and Baa3 by Moody's.
• Issued via its IFSC Banking Unit; to be listed on IIFSC Global Securities Market, NSE-IFSC, SGX-ST.

AGM Details

• 32nd AGM held Aug 21, 2026 at 11:00 IST via VC/OAVM.
• Remote e-voting opened Aug 17–20, 2026; cut-off Aug 14, 2026.
• Meeting concluded at 1:50 p.m. IST.

Dividend

• Dividend on equity shares declared for the year ended Mar 31, 2026.

Ordinary resolutions

• Res 1: Adoption of audited standalone and consolidated financial statements; Passed 99.65%.
• Res 2: Declaration of dividend on equity shares; Passed 99.96%.
• Res 3: Re-appointment of Sandeep Bakhshi as Director; Passed 96.12%.
• Res 7: Revision in remuneration of Sandeep Bakhshi; Passed 99.02%.
• Res 8: Revision in remuneration of Sandeep Batra; Passed 99.01%.
• Res 9: Revision in remuneration of Rakesh Jha; Passed 99.01%.
• Res 10: Revision in remuneration of Ajay Kumar Gupta; Passed 99.01%.
• Res 11: Re-appointment of Sandeep Bakhshi as MD & CEO; Passed 96.81%.
• Res 12: Re-appointment of Ajay Kumar Gupta as Whole-time Director; Passed 96.90%.

Special resolutions

• Res 4: Appointment of Ashwani Bhatia as Independent Director for 5 years; Passed 99.05%.
• Res 5: Appointment of Mrugank Paranjape as Independent Director for 5 years; Passed 97.62%.
• Res 6: Re-appointment of Vibha Paul Rishi for Jan 2027–Dec 2028; Passed 95.21%.

Material Related Party Transactions

• Res 13: With ICICI Prudential Life Insurance (FY2028); Passed 99.94%.
• Res 14: With ICICI Lombard General Insurance (FY2028); Passed 99.94%.
• Res 15: With India Infradebt Limited (FY2028); Passed 99.94%.
• Res 16: With ICICI Securities Primary Dealership Limited and ICICI Prudential Life (FY2028); Passed 99.94%.
• Res 17: With ICICI Securities Primary Dealership Limited and ICICI Lombard General Insurance (FY2028); Passed 99.94%.
• Res 18: With ICICI Securities Primary Dealership Limited and India Infradebt (FY2028); Passed 99.94%.

ESOP status

• Secretarial auditor’s ESOP implementation certificate presented; documents available for inspection.
• Consolidated scrutinizer’s report confirms all resolutions passed by requisite majority.

Debt financing approval

• Board approved borrowings via bonds/notes/offshore CDs in overseas markets up to USD 5.0 billion.

AGM presentation subject

• Presentation by MD & CEO at 32nd AGM on Aug 21, 2026.
• Subject: FY2026 performance review and Q1-2027 highlights.

Key metrics and dividend

• Q1-2027 PBT excluding treasury: ₹189.75 billion.
• Q1-2027 PAT: ₹148.05 billion.
• Total deposits at 30 June 2026: ₹18,335.86 billion; average deposits in Q1-2027: ₹17,480.28 billion.
• Total advances: ₹16,312.60 billion; domestic advances: ₹15,809.85 billion.
• Net NPA: 0.35%; PCR: 74.7%.
• CET-1: 16.19%; CAR: 16.84%.
• Dividend proposed: ₹12 per share for FY2026.

Meeting Details

• Board meeting date: August 21, 2026; time and venue not disclosed.

Key Agenda Items

• Consider revision of fund-raising limit via overseas bonds/notes/offshore CDs.

Rating details

• Moody's assigns Baa3 rating to ICICI Bank USD 750m senior unsecured notes.
• S&P Global Ratings assigns BBB rating to the notes.
• Notes issued under ICICI Bank's USD 7.5 billion Global MTN Programme.
• Rating action date: August 18, 2026.

Notes issuance details

• ICICI Bank priced USD 750 million of senior unsecured fixed-rate notes under its USD 7.5 billion GMTN programme.
• Tenure is five years, with allotment on August 21, 2026 and maturity on August 21, 2031.
• Coupon is 5.417%, with payments on February 21 and August 21 each year.
• Use of proceeds: general corporate purposes in accordance with regulatory guidelines.
• Proposed listing on Global Securities Market of the India International Exchange IFSC, NSE IFSC, and SGX-ST.
• Unsecured; 144A/RegS registered; drawdown under GMTN programme.
• Not offered or sold in the United States.
• Redemption at maturity; no early redemption details.
• Pricing occurred today at 1:39 a.m. IST.
• Issuer: ICICI Bank Limited, via its IFSC Banking Unit.