IDBI to make Rs 3,000 cr via bonds
By Our Banking Bureau | 26 Dec 2001
New Delhi: IDBI is planning to raise around Rs 3,000 crore via bonds issues before this fiscal end. Its first tranche of Rs 500 crore bonds issues is scheduled to it the market on 28 December.
The financial institution has procured a blanket approval for raising Rs 1,500 crore with a green-shoe option of mopping up an additional Rs 1,500 in the coming months of this fiscal, according to reports.
If IDBI is successful in
raising Rs 3,000 crore by March 2002, the uncertainty over its
liquidity position will be cleared to some extent. IDBI officials
say the first tranche of Flexibonds, targeting a Rs 500 crore
mop-up, will hit the market on 28 December and close on 15 January
2002.
The FIs Rs 250-crore issue with 100 per cent green-shoe option
offers four instruments: infrastructure (tax-saving), regular
income, growing interest and money multiplier bond. Depending on
the success, IDBI is expected to tap the market once again in
February-March 2002 to raise the remaining amount.
