IDBI Bank plans to raise $250 million via bonds

IDBI Bank is planning to raise $250 million through a private placement of bonds in the next two to three months and is in talks with Asian Development Bank (ADB) for partially guaranteeing the issue. The mandates for managing the issue would be made after the bond structure has been decided with ADB.

In April, IDBI Bank had mandated BNP Paribas, Credit Suisse and UBS for investor meetings in Switzerland, which could lead to a potential bond issue in Swiss francs.

The bank’s net profit for the quarter ended March 31, 2011 has jumped by 62.13% at Rs 516.25 crore whereas the same was at Rs 318.41 crore for the quarter ended March 31, 2010. Its total Income has surged by 23.18% at Rs 5700.65 crore for the quarter ended March 31, 2011 whereas the same was at Rs 4627.91 crore for the corresponding quarter of the previous year.

For the year ended March 31, 2011, the bank’s net profit escalated by 60.05% at Rs 1650.32 crore as compared to Rs 1031.13 crore for the previous fiscal. Its total income has reported growth of 17.77% at Rs 20684.47 crore for the year ended March 31, 2011 against Rs 17563.05 crore for last year.