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India’s IDFC approves up to Rs. 50 billion of nonconvertible debt
By Tali Rackner
Minneapolis, April 25 – IDFC Bank Ltd. informed the Bombay Stock Exchange that its board of directors met on Tuesday and approved raising up to Rs. 50 billion of redeemable nonconvertible debentures and other debt instruments.
The debentures will be issued in one or more tranches in the domestic/overseas markets, over a period of one year, within the overall borrowing limit of Rs. 1.5 trillion, according to a notice.
The private placement will include perpetual debt instruments, tier II capital bonds and long-term bonds.
Proceeds will be used to finance infrastructure and affordable housing.
IDFC is a bank based in Chennai, India.
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