IDBI Bank raises $350 million from bond sale

After lying low for a while, forex fund rasing by domestic corporates has picked up with state-run lender IDBI Bank raising $350 million in an overseas bond sale.

Last Friday, Tata Motors had raised $750 million in a benchmark dual tranche bond sale, taking the overall fund raising through overseas bond sales close to $17 billion so far this year.

According to a note by international rating agency Fitch, the Mumbai-based lender raised $350 million in overseas senior unsecured notes through its Dubai branch.

Fitch has assigned the senior unsecured notes issue due April 2020 a final rating of BBB-.

IDBI Bank could not be contacted for an official comment.