IDBI Bank To Raise 300 Mn Dollar Through MTN (09-Mar-2010)
IDBI Bank is considering to raise $250-300 million (Rs 1,680 crore) through a medium-term note (MTN) programme, but a final call on this would be taken after March 15 depending on the spreads, said Executive Director and Group Head (retail banking) RK Bansal.
He said "Even the papers issued now are quoting at high rates. The issue will happen anytime, but we want to do it when rates are reasonable and markets are favourable."
Moreover, he said that raising funds at around 225 basis points (bps) above mid-swaps or so would be comfortable for the bank.
However, Bansal said that for the issue, the timing was of essence, as IDBI Bank did not want to be in a position where it would have to delay funds raising after conducting road shows.
Meanwhile, IDBI Bank earlier this month has rolled out Portfolio Investment Scheme services in Kochi that would enable NRIs and persons of Indian origin to invest in secondary capital market.
More than 40 brokers in Kerala and other parts of the country along with NRIs attended the conference.
The launch of PIS services complemented the existing bouquet of products/services being offered by the bank to its NRI clientele.
IDBI Bank last month has increased its rates by 25 basis points (bps) in deposits and also launched a new slab of 500 days offering 7 % interest rate.
Moreover, it had raised the deposit rates after Union Bank of India, ICICI Bank and Jammu & Kashmir Bank (J&K Bank) has increased their deposit rates.
IDBI has offered higher rates across 5 maturity buckets, whereas Union Bank and ICICI Bank had increased its deposit rates for only one bucket.
IDBI Bank is currently trading at Rs.120.95, up by 0.54% at 9.49 AM.
The stock hit an intraday high of Rs.121.3 till now, as against the 52-week high of Rs.140.The stock hit a low of Rs.119.65 during the day. The stock had hit a 52-week low of Rs.39.75 on March 12, 2009.
The stock opens at Rs.120.95 at BSE. The total traded volume of the scrip on BSE till now stood at 130378.
Meanwhile today, the BSE Sensex is trading up by 105.53 points, or 0.62% , at 17158.07 on 9:49 AM.
The NSE Nifty is trading up by 18.30 points, or 0.36% , at 5119.8 on 9:40:
IDBI Bank has an equity capital of Rs 724.83 crore as of 2009 Dec. The face value per share is Rs 10. At the current price of Rs 120.95, the P/E multiple stood at 10.1654846335697 with book Value of 102.71 and P/BV at 1.18.
The total shareholding pattern of the company as on Dec 2009 stood at Promoters- 52.67%, Institutional Investors- 27.15%, General Public- 14.51% and other investors- 5.66%.
Considering the current price of Rs. 120.95 at 9:49:00 AM , the stock had underperformed the market over the past one month till 10/03/2010 surged 3.11% as compared to the Sensex''s return of 7.67% and NSE Nifty''s 7.67 % returns.
Considering the current price of Rs. 120.95 at 9:49:00 AM , the stock had underperformed the market over the past one quarter till 10/03/2010 fell -8.75% as compared to the Sensex''s return of 0.23% and NSE Nifty''s 0.23 % returns.
IDBI posted a net profit of Rs. 287 crore for the quarter ended December 31, 2009, as compared to Rs. 223 crore reported in the year-ago period, a growth of 29 per cent. Moreover, the net interest income surged 43 per cent at Rs. 719 crore from Rs. 503 crore. The Fee-based income has also enhanced by 48 per cent to Rs. 350 crore from Rs. 237 crore. The bank''s total business as of December 31, 2009 stood at Rs. 2,54,060 crore against Rs.1,72,995 crore as of December 31, 2008. Deposits increased by 77 per cent to Rs. 1,42,798 crore from Rs. 80,803 crore and advances by 21 per cent to Rs. 1,11,262 crore from Rs. 92,192 crore.
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