ICICI Bank 2003 Annual Report Download - page 144

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F80
Continued
notes to the consolidated financial statements
A listing of long-term debt as of March 31, 2003, by maturity and interest rate profile is set out below:
(Rs. in millions)
Fixed-rate Floating-rate
obligations obligations Total
Long-term debt maturing during the year ending March 31,
2004 77,994 8,269 86,263
2005 67,022 2,977 69,999
2006 85,660 6,200 91,860
2007 20,190 5,143 25,333
2008 26,136 1,907 28,043
Thereafter 88,020 13,126 101,146
Total 365,022 37,622 402,644
Less: Unamortized debt issue cost 1,832
Total 400,812
All long-term debt is unsecured. Debt aggregating Rs.35,151million 2002:Rs.40,439million) is guaranteed by
the Government of India (GOI).
Long-term debt is denominated in various currencies. As of March 31, 2003, long-term debt comprises Indian rupee
debt of Rs. 350,633 million (2002: Rs. 438,529million) and foreign currency debt of Rs. 50,179million
(2002: Rs. 72,894million).
Indian Rupee debt
A listing of major category of Indian Rupee debt is set out below:
(Rs. in millions)
As of March 31,
2002 2003
Category Weighted Weighted
average Average average Average
interest Residual interest Residual
Amount rate Range maturity Amount rate Range maturity
Bonds issued to institutional/
individual investors
(1)
413,388 11.9% 8.4-16.5% 3.4 years 309,488 11.71% 7-16.40% 3.26 years
Bonds eligible for statutory
reserve requirements
(2)
18,240 11.3% 7.8-12% 6.8 years 14,815 11.87% 11.50-12% 7.22 years
Borrowings from GOI
(3)
6,936 10.3% 11-16% 4.9 years 6,137 10.13% 11-13% 4.44 years
Refinance from financial
institutions 20,193 7.35% 6.5-17% 3.64 years
Total 438,564 11.9% 3.5 years 350,633 11.28% 3.46 years
(1) Includes application money received on bonds outstanding at the end of the year.
(2) Banks in India are required to mandatorily maintain a specified percentage of certain liabilities as cash or in approved securities. These bonds
issued by the Company are approved securities under the rules.
(3) Includes interest-free borrowing from the GOI aggregating Rs.296million (2002: Rs.255million). The borrowing was initially recorded at its
fair value of Rs.100million based on the prevailing interest rate of 16% for borrowings of a similar term and risk. Interest is being imputed
for each reporting period using this rate.