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Business News/ Money / Personal-finance/  IDBI to raise $1 billion debt in overseas market
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IDBI to raise $1 billion debt in overseas market

IDBI to raise $1 billion debt in overseas market

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New Delhi: State-owned IDBI Bank on Tuesday said it is planning to raise $1 billion (about Rs4,500 crore) through bonds in the overseas market in next 12-month.

“We are planning to raise $1 billion from bonds by October 2011," IDBI Bank chairman and managing director R. M. Malla told reporters on the sidelines of an event organised by the finance ministry here.

The money would be raised in three-four tranches over next 12-month, he said, adding it is the part of $1.5 billion medium term notes programme.

The first tranche of about $250-300 million could happen in January with a tenure of three-five years to meet credit growth due to expected expansion plans of India Inc.

The bank had earlier raised around $500 million. Asked about aviation sector debt recast, Malla said it is almost in the final stages and the bank exposure to Kingfisher is about Rs700 crore.

“We have extended the period in case of Kingfisher by a couple of years," he said.

On exposure to commercial real estate, he said IDBI started giving loans to the sector only three-four years back and hence its exposure to the sector is minimal.

He said the bank has gone through the entire asset portfolio in response to a finance ministry letter on assessment of asset quality.

“We have gone through our asset portfolio. That is very robust and we assure that our systems are well placed," Malla said.

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Published: 30 Nov 2010, 06:20 PM IST
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