New Delhi: State-run IDBI Bank on Tuesday said it has raised USD 500 million (about Rs 2,750 crore) from foreign currency bonds.

The transaction received an overwhelming response and the issue was oversubscribed by nine times, IDBI Bank said in a statement.

The benchmark size USD 500 million transaction which has just been concluded is one more such successful transaction by the bank this year in the international markets, IDBI Bank Chairman and Managing Director R M Malla said.

The issue was made under the USD 1.5 billion MTN Programme listed on the Singapore Stock Exchange.

The final coupon was 4.375 percent (fixed), it said, adding, the transaction attracted interest from a diversified range of foreign investors including asset managers and banks.

Around 68 percent of the allocation was made to Asian investors, 23 percent to European investors and 9 percent to investors in the Middle East, it added.

(Agencies)

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