Iibi To Float Slr Bonds In Jan
The Industrial Investment Bank of India (IIBI) plans to enter the market through its issue of SLR (government guaranteed) bonds to mobilise Rs 105 crore in the first week of January 1998.
These bonds would be for a tenure f 10 years and would carry interest at the rate of 12.3 per cent per annum. The IIBI, which came into existence only at the beginning of the current financial year, has raised as much as Rs 503 crore through its in-house resources including via float of unsecured bonds, certificate of deposits and redeemable preference shares during the last nine months.
The financial institution is also planning to introduce shortly its second series of multi-option bonds for short term investors with maturity periods between 1 and 3 years.
This scheme may be open ended and will depend on the requirements of the institution.
The institution also plans to launch a bill discounting scheme in another week, for top grade corporates with a credit rating of double A plus and above.
This is meant to offer a single window for all the financial requirement of blue chip corporates. Limit for this scheme has been fixed for each rating category of the corporates who will avail of this bill discounting scheme.
The IIBI expects to achieve a disbursement figure of Rs 1100 crore at the end of the current fiscal.
Between April and November this year, aggregate sanction were higher by 96 per cent at Rs 1076.78 crore.
Aggregate disbursements improved by over 65 per cent to Rs 610.21 crore.
The chairman-cum-managing director of IIBI G Goswami told newspersons: the emphasis of the institution would continue to be directed towards attracting the maximum number of reputed blue chip clientele to our portfolio. For this we are constantly changing our approach and strategy.
The disbursement of the institution increased rapidly despite the cut in bank rate thrice this fiscal, in April, June and October, pointed out Goswami.
The recent issue of redeemable preference shares was oversubscribed (including the green-shoe option ).