IDBI plans to raise $1.5bn

I / Mumbai June 14, 2007

The Industrial Development Bank of India (IDBI) is planning to raise $1.5 billion in a medium-term note issue, V P Shetty, chairman and managing director, IDBI, said.

The first tranche would be issued within three months. The lead managers would be HSBC and Barclays.

Shetty also said the bank is looking to float private equity, asset management and insurance subsidiaries in the coming months. "We are waiting for regulatory approvals," he added.