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Indian firms finalising borrowing plans

Indian firms finalising borrowing plans
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First Published: Mon, May 21 2007. 04 02 PM IST
Updated: Mon, May 21 2007. 04 02 PM IST
Mumbai: Several Indian firms are finalising borrowing plans and are expected to sell bonds in the coming weeks, merchant bankers said.
Banks such as State Bank of India, Vijaya Bank, Oriental Bank of Commerce and Punjab National Bank are looking to raise funds in the near term, they said.
“A few big borrowers have already raised money from the market. Several new issues are in the pipeline and would be launched soon,” said a senior banker.
Companies such as Housing Development Finance Corp., Power Finance Corp. and National Bank for Agriculture and Rural Development sold bonds this month.
Traders said a lower inflation figure and expectations of the central bank holding rates steady in the near term were positive factors.
India’s annual inflation rate was at 5.44% in the 12 months to 5 May, lower from the previous week’s 5.66%.
The Reserve Bank of India (RBI) left key rates unchanged in its monetary policy last month.
The RBI raised its key lending rate five times in the fiscal year ended 31 March, and the cash reserve requirement for banks three times since December, to check price pressures in a fast-growing economy.
Indian lender Infrastructure Development Finance Co. Ltd. launched a Rs1.75 billion bond issue last week.
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First Published: Mon, May 21 2007. 04 02 PM IST
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