Exim
Bank to repay high cost debts
Our
Corporate Bureau
28 April 2004
Mumbai:
Export-Import Bank of India yesterday announced plans
to raise Rs 7,000 crore, including foreign exchange up
to Rs 3,800 crore, to augment its forex reserves and help
it to redeem some of the high-cost borrowings.
The
bank proposes to redeem Rs 600 crore of loans with an
interest rate of 10-12 per cent during this fiscal.
Last year, it had redeemed Rs 700 crore, T.C. Venkat
Subramanian, chairman & managing director, Exim
Bank, said.
The
bank proposes to tap the overseas market immediately
to raise ECB of $300 million and the Reserve Bank of
India has accorded approval, he said.
Exim
Bank ended the year with a net profit of Rs 229 crore
against Rs 207 crore in the earlier year, registering
a growth of 11 per cent. The bank would pay Rs 47 crore
as dividend to the Government.
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