Exim Bank to repay high cost debts
28 Apr 2004
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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.
