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IDBI Bank gains on raising funds in offshore yuan

17 Nov 2011 Evaluate

IDBI Bank is currently trading at Rs. 103.00, up by 0.05 points or 0.05% from its previous closing of Rs. 102.95 on the BSE.

The scrip opened at Rs. 103.20 and has touched a high and low of Rs. 103.35 and Rs. 101.80 respectively. So far 120104 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 202.25 on 11-Nov-2010 and a 52 week low of Rs. 94.75 on 05-Oct-2011.

Last one week high and low of the scrip stood at Rs. 110.65 and Rs. 100.65 respectively. The current market cap of the company is Rs. 10136.61 crore.

The promoters holding in the company stood at 65.13% while Institutions and Non-Institutions held 18.81% and 16.05% respectively.

The public sector lender, IDBI Bank has pioneered in offshore fund raising by successfully accumulating funds in offshore yuan in Hong Kong. The bank has signaled a new set of borrowers to enter the growing bond market.

The bank has driven to raise funds overseas due to steady increase in rupee interest rates, while the yuan's attractiveness has received a boost after New Delhi added the Chinese currency as external financing vehicle to the US dollar, Japanese yen, euro and the pound sterling in September.  India has set a $1 billion limit for borrowing in yuan within the $30 billion overseas borrowing limit for companies.

IDBI has sold bond at a lower-than-projected yield of 4.5%, indicating demand from investors for yuan-linked assets remained intact despite a September selloff in Asian rates and FX. The three-year deal was eventually priced at 4.5%, below an initial projection of 4.625%. The issue size was expanded to 650 million yuan ($101 million) from an expected 500 million yuan. The order book closed at around 900 million yuan with more than 20 accounts involved.

IDBI Bank Share Price

75.07 0.78 (1.05%)
17-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
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