IDBI to raise $1.5 bn via bonds

State-run lender IDBI Ltd is planning to raise $1.5 bn in a medium-term note issue, its chairman and managing director VP Shetty said on Thursday.

The first tranche would be issued overseas within three months and the lead arrangers to the issue are HSBC and Barclays , he told reporters.Deputy Managing Director OV Bundellu, on his part, said the whole process could take about a year.

Shetty said IDBI was aiming for a credit growth of 18-20 percent and a deposit growth of 25 percent in the year to March 2008, Shetty said. IDBI's loan growth was 18 percent and deposit growth was 67 percent in 2006/07.

Read more in The Economic Times article.