IDBI Bank gains 2% on fund raising plans

IDBI Bank has gained nearly 2% after the bank plans to raise another $500 million (about Rs 2,700 crore) through bonds to fund its overseas business growth.

"We will be raising $500 million from foreign currency bonds by March 2013," IDBI Bank Executive Director Melwyn Rego told PTI.

The issue would be made under the $1.5 billion Medium Term Note (MTN) programme listed on the Singapore Stock Exchange.

Of the total limit, the bank has raised $1 billion in two tranches of $500 million each.

In the intraday deal, the stock opened at Rs 99 and made a high of Rs 100.60. Around 9,00,000 shares were traded in BSE and NSE.