(Bloomberg) -- Industrial Development Bank of India Ltd., the nation's seventh biggest by assets, plans to increase its overseas bond sales by 50 percent to $1.5 billion over the coming year to meet credit demand and fund expansion, Deputy Managing Director O.V. Bundellu said.
The bank plans its first bond sale under a medium-term note program in the next few months, Bundellu said in an interview on April 18. It will decide on the details after it announces today its financial results for the year ended March 31, he said. The bank initially planned to raise $1 billion under the program.
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