IDBI Bank to raise Rs 2.5 bn via bonds

Mumbai, Nov 24 (UNI) The Industrial Development Bank of India (IDBI) is one of India's leading private banks will sell bonds to raise at least 2.5 billion rupees, two Merchant Bankers Associated with the deal said here today.

The bank is selling five-year bonds at 11.35 per cent and 10-year bonds at 11.30 per cent, the merchant bankers said. The issue also carries a greenshoe option to retain excess bids.

The bonds have a ''AA+'' by ICRA, Crisil and Fitch. The issue which is scheduled to open on Wednesday, will likely close on December 10, the bankers said. ICICI Securities, Standard Chartered Bank, SSKI, Kotak Mahindra Bank, Axis Bank and IDFC are arrangers to the issue.

UNI AR ZA NP1735