Financial Daily from THE HINDU group of publications
Tuesday, Oct 01, 2002
Financial Daily from THE HINDU group of publications Tuesday, Oct 01, 2002 |
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Money & Banking
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Financial Institutions IDBI redeems $250-m FRNs Our Bureau
MUMBAI, Sept. 30 IDBI has redeemed floating rate notes (FRN) for $250 million, around Rs 1,210 crore, raised in 1995. IDBI today said the FRNs have been redeemed on September 25, a day ahead of its due date. The institution said it enjoys a comfortable liquidity and the payment has been made without resorting to any refinancing. An official said the redemption will not have any impact on the lendable resource of IDBI. An official said IDBI has a $100 million credit from ADB which can be drawn at any time. Besides, the institution has plans to raise $100 million, the timing of which will depend on market conditions, the official said. IDBI said the amount has been paid to Deutsche Bank, London, who are the fiscal and Principal Paying Agents of the FRNs. The issue had been lead managed by Credit Suisse First Boston and twenty-five other bankers participated in sub-underwriting the issue. The FRNs were listed at the Luxembourg Stock Exchange, said an IDBI release.
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