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Exim Bank gets RBI nod to raise $300 mn
New Delhi, May 09: Export-Import Bank of India is planning to raise 300 million dollar from overseas markets to enhance lending operations and enable corporates to invest abroad.
New Delhi, May 09: Export-Import Bank of India is planning to raise 300 million dollar from overseas markets to enhance lending operations and enable corporates to invest abroad.
The proposed issue is part of Exim Bank's Rs 7,000 crore borrowing plan for this financial year, Exim Bank chairman, T C Venkat Subramanian, said here.
"We will soon go with the international bond issue of 300 million dollars," he said.
Reserve bank of India has given its nod for borrowings from the overseas markets, Subramanian said.
Of the Rs 7,000 crore borrowings for 2004-05, he said 50 per cent would be in local currency and 50 per cent in dollar.
The bank will tap both domestic and international markets to raise funds with maturity period between 1-5 years. Disclosing plans for its lending operations, he said the bank will encourage Indian companies to invest overseas to set up manufacturing or assembly units in potential markets like China, central Asia and eastern Europe as well as Africa. Exim Bank has a loan portfolio of Rs 11,000 crore and has set a target of Rs 9,000 crore loan disbursement during this fiscal year. "We have set a target of 25 per cent growth in our lending operations for the financial year 2004-05," he said. The bank has also set a target to bring down its NPA to 1.0 per cent by the end of this fiscal from 1.6 per cent in 2003-04. Bureau Report
"We will soon go with the international bond issue of 300 million dollars," he said.
Reserve bank of India has given its nod for borrowings from the overseas markets, Subramanian said.
Of the Rs 7,000 crore borrowings for 2004-05, he said 50 per cent would be in local currency and 50 per cent in dollar.
The bank will tap both domestic and international markets to raise funds with maturity period between 1-5 years. Disclosing plans for its lending operations, he said the bank will encourage Indian companies to invest overseas to set up manufacturing or assembly units in potential markets like China, central Asia and eastern Europe as well as Africa. Exim Bank has a loan portfolio of Rs 11,000 crore and has set a target of Rs 9,000 crore loan disbursement during this fiscal year. "We have set a target of 25 per cent growth in our lending operations for the financial year 2004-05," he said. The bank has also set a target to bring down its NPA to 1.0 per cent by the end of this fiscal from 1.6 per cent in 2003-04. Bureau Report