IDBI Bank of India Seeking Three-to Five-Year U.S. Dollar Denominated Debt

IDBI is in talks with banks for a three- to five-year loan in U.S. dollars. The Mumbai-based lender is seeking the funds through its Dubai branch. According to its CFO P.Sitaram, IDBI is prepared to raise money from foreign markets and will move whenever it feels the rates are to its advantage. IDBI has already raised $650 million this financial year and plans to borrow an additional $350 million by March 31 selling various debt securities, according to its Executive Director Melwyn Rego.