IDBI floats Rs 1,500 crore Flexibond issue

ENS ECONOMIC BUREAU

MUMBAI, SEPT 11: Industrial Development Bank of India (IDBI), the largest financial institution with an asset base of over Rs 59,957 crore, has launched the fourth series of Flexibonds to raise Rs 1,500 crore from the capital market. Slated to open on September 21, the size of the issue is Rs 750 crore with an option to retain an additional Rs 750 crore.

IDBI chairman and managing director G P Gupta has said that in keeping with the investor-friendly features, the present Flexibond issue offers four instruments to suit the varying needs of investors - regular income bonds, education bond, growing interest bond and deep discount bond.

The Flexibonds issue has been rated `AAA' by Crisil and Care signifying highest safety. The government has notified the bonds as public securities in terms of Section 20 (f) of the Indian Trust Act 1882 etc. Applications have also been made for declaring of the bonds as public securities to the governments of Maharashtra and Gujarat.

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