IDBI follow-on offer in January

IDBI Bank said on Friday it would come out with a follow-on public offer (FPO) in January to meet its capital needs. It also plans to raise $500 million through overseas bonds to fund Indian corporates’ expansion programmes abroad.

Asked about the amount it plans to raise, CMD Yogesh Agarwal said, “The size of the issue will be double of what the government is willing to subscribe.