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IDBI Bank raises Rs 1,108 crore through bond issue

24 Aug 2012 Evaluate

IDBI Bank, public sector lender has raised about Rs 1,108 crore through a bond issue on August 21, 2012, at an interest rate of 3.65% with three-year maturity in Singapore. The issue was oversubscribed 12 times, allowing the bank to price the issue at the tight end of final price guidance. With this initiative Indian entity entered in the Singapore dollar bond market. The bank has decided to use the proceeds from the offering to meet the demand for foreign currency from its clients.

On standalone basis, the bank has posted a rise of 27.53% in its net profit at Rs 427.34 crore for the quarter ended June 30, 2012, as compared to Rs 335.10 crore for the same quarter in the previous year. Total income of the bank has increased by 12% to Rs 6786.81 crore for the quarter under review as compared to Rs 6059.83 crore for the quarter ended June 30, 2011.

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