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IDBI plans to raise Rs 2,500 cr

Mumbai, Aug. 2 (PTI): The Industrial Development Bank of India (IDBI) plans to raise Rs 2,500 crore through a flexibond issue with a green shoe option of the same amount, even as it expects to reduce interest costs by around Rs 800-900 crore in the current financial year.

“We plan to raise Rs 2,500 crore shortly and are in the process of filing the umbrella prospectus with the Securities and Exchange Board of India (Sebi) for the bond issue with a green shoe option to retain Rs 2,500 crore,” IDBI executive director . V. Bundellu told newspersons here today at the second India Debt Investors conference.

In the current financial year, the annual fund requirement was Rs 23,000 crore, of which Rs 9,720 crore would be raised through borrowings and the balance would be met from internal generation, he added.

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