India’s IDBI Bank sets $7.5 billion foreign currency borrowing limit

New York, Aug. 28 – IDBI Bank Ltd. said that its board of directors approved a foreign currency borrowing limit of $7.5 billion principal amount at its meeting on Friday.

The total includes the bank’s $5 billion medium-term note program listed on the Singapore Stock Exchange, according to a notice filed with the Bombay Stock Exchange.

Borrowings under the limit may be structured as bilateral loans, club loans, syndicated loans, lines of credit, other credit facilities, bond issuances such as senior bonds, Tier II bonds, hybrid instruments, additional Tier I bonds and other Basel III bonds, floating-rate notes and other instruments.

IDBI Bank is a public sector bank based in Mumbai.

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