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Thursday, Sep 19, 2019

IDBI Bank Ltd to raise Rs 300 cr

IDBI Bank Ltd chairman says the bank is planning to raise Rs 300 crore in debt during the current financial year.

business Updated: Aug 16, 2007 16:45 IST


IDBI Bank Ltd plans to raise Rs 300 crore in debt during the current financial year, chairman and managing director Yogesh Agarwal said on Thursday.

The bank had no plans to raise funds through equity, he told reporters on the sidelines of a Banking Conclave organised by FICCI in Kolkata.

The current capital adequacy ratio of bank stood at more than 14 per cent, he said, adding the funds would be raised as Tier II capital.

As a part of diversification exercise, the bank has applied to the regulator for its proposed foray into the life insurance business along with other partners.

IDBI Bank had also applied to RBI for getting approval to open branches and representative offices in Moscow, Singapore and Bahrein. The bank was also toying with the idea to enter the asset management business.

Agarwal said the primary focus areas for the bank were retail, priority sector, SME and agriculture. Total business of the bank stood at Rs 100,000 crore.

First Published: Aug 16, 2007 16:40 IST