IDBI Bank mulls buyback of $1-bn overseas bonds as part of turnaround plan

The buyback activity would be spread over quarters and would be done in small tranches for reasons of absorption

Public sector IDBI Bank is considering buying back bonds worth $1.5 billion as it winds down its Dubai branch, part of its rationalisation of operations under a turnaround plan.  

These bonds will be up for redemption in the next 2-2.5 years. Sources said the details for buyback were being worked and the bonds would not be bought back in one go.
 

An IDBI Bank executive confirmed the move but declined to elaborate.

IDIBI Bank executives said the lender would ensure that customers and investors were serviced without disruption.

Sources said the buyback activity would be spread over quarters and