IDBI to raise Rs 9720 crore

 The Industrial Development Bank of India (IDBI) is seeking to raise Rs 9,720 crore from the market in 2003-04 against Rs 8,741 crore in the last financial year.

 The financial institution will also raise around Rs 400-500 crore through savings and other bank accounts as and when the Centre allows it to start commercial banking operations.

 Of the total amount to be raised, the institution is looking at $250 million through foreign currency borrowing to be raised in three tranches.

 The FI will raise $75 million with a greenshoe option of $25 million by the end of this month or the next month. The remaining Rs 8,450 crore will be by way of rupee borrowings.

 The standing committee of Parliament on Finance has submitted its report on