IDBI Bank to raise $7.5 bn via debt

IDBI Bank today said its Board has approved raising of foreign currency debt up to USD 7.5 billion (about Rs 49,000 crore).

The board at its meeting today approved the proposal of "FC (foreign currency) borrowing limit up to principal outstanding amount of USD 7.5 billion equivalent...", IDBI Bank said in a filing to the BSE.

The debt can be raised in one or more tranches by way of syndicated loans or lines of credit or other credit facilities from banks or financial institutions, among others.

Shares of IDBI Bank closed at Rs 58.55, down 0.26 per cent over previous close on the BSE.