The Hindu Business Line : IDBI raises $300 million

MUMBAI: Industrial Development Bank of India has raised $ 300 million of five-year US dollar-denominated bonds through the external commercial borrowings route.

The bonds carry a coupon rate of 4.75 per cent and yield of 4.829 per cent with a spread of 1.85 per cent over five-year US treasury bills. The bonds are to be redeemed in March 2009.

The offering was distributed as follows, 49 per cent to European investors, 44 per cent to Asian investors and the balance 7 per cent to offshore US investors.

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