India's IDBI Bank eyes $500M to fund overseas growth

IDBI Bank plans to raise another USD 500 million through sales of foreign currency bonds to fund its overseas business growth.

IDBI Bank Executive Director Melwyn Rego added that they hope to raise the amount by March 2013.

The issue would be made under the USD 1.5 billion Medium Term Note programme listed on the Singapore Stock Exchange.

Of the total limit, the bank has raised USD 1 billion in two tranches of USD 500 million each.

The bank earlier raised USD 500 million from foreign currency bonds.

The transaction received an overwhelming response and the issue was oversubscribed by nine times, Rego said.

The long-term notes denominated in USD were issued by the Dubai International Financial Centre (DIFC) branch of IDBI Bank.

Around 68 percent of the allocation was made to Asian investors, 23 per cent to European investors and 9 per cent to investors in the Middle East, he said.

The bank also plans to double its MTN programme to USD 3 billion.

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