Idbi Bonds Issue Mops Up Rs 800 Crore

The finely priced 13.5 per cent omni bonds issue of Industrial Development Bank of India closed for subscription after garnering about Rs 800 crore following the bank rate cut. The rate cut resulted in a rush for the IDBI private placement bonds issue.

Merchant bankers put the subscription amount close to Rs 800 crore out of which almost Rs 300 crore came in after the bank rate cut. The financial institution may exercise the green shoe option and retain the excess amount, said sources in IDBI.